The S&P/ASX 200 Index (ASX: XJO) are on course to start the week with a large decline. In afternoon trade, the benchmark index is down 1.25% to 7,216 points.
Four ASX shares that have not let that hold them back are listed below. Here's why they are racing higher:
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Kogan.com Ltd (ASX: KGN)
The Kogan share price is up 4% to $3.56. This follows the release of the ecommerce company's half-year results. Although Kogan's result was very disappointing, investors appear pleased with its trading update. It achieved a return to operating profit in January, which some investors seem to believe suggests that the worst is now behind the company.
Praemium Ltd (ASX: PPS)
The Praemium share price is up almost 7% to 78 cents. This morning, this investment platform provider released its half-year results and reported a 17% increase in revenue to $35.4 million and a 52% jump in EBITDA to $11.4 million. This was underpinned by a 6% lift in funds under administration to $42.7 billion and margin improvements.
TPG Telecom Ltd (ASX: TPG)
The TPG share price is up 5% to $4.96. Investors have been buying this telco's shares following the release of its full-year results. TPG posted a 1.5% increase in revenue to $4.4 billion and a 354% jump in net profit after tax to $513 million. A key driver of the result was its mobile business, which reported a 300,000 increase in subscribers to 5.28 million.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is up 8% to a 52-week high of $7.42. This follows the release of a roadshow presentation from the semiconductor company. While the company has made a lot of progress with its product development, it has yet to demonstrate that there is sufficient demand for its technology to command a $1.3 billion market valuation. Buyers will be hoping this doesn't turn out to be another meme stock that ultimately crashes and burns.
