In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another disappointing decline. At the time of writing, the benchmark index is down 1% to 7,121.2 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
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Goodman Group (ASX: GMG)
The Goodman share price is up 3% to $20.33. Investors have been buying this industrial property company's shares following the release of its FY 2023 results. Goodman reported a 17% increase in operating profit to $1.78 billion. Looking ahead, the company is guiding to profit growth of 9% in FY 2024.
Inghams Group Ltd (ASX: ING)
The Inghams share price is up 14% to $3.18. This follows the release of the poultry producer's full-year results. Inghams posted a 67.7% increase in underlying net profit after tax to $71.1 million. This was underpinned by the progressive return to normal operational performance levels across the business. Management notes that its farming performance is continuing to recover and supply chain conditions are normalising.
IPH Ltd (ASX: IPH)
The IPH share price is up almost 10% to $8.03. This morning, this intellectual property services company released its full-year results and announced a major acquisition. In respect to the former, IPH reported a 20% increase in underlying net profit after tax to $99 million. For the latter, IPH has acquired Ridout & Maybee for $74 million.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price is up 4% to $13.88. This follows the release of the diversified retailer's FY 2023 results. Super Retail posted a 7% increase in sales to $3.8 billion and a 12% lift in normalised net profit after tax to $274 million. A key driver of this was the Super Cheap Auto business, which reported an 8% increase in sales to $1.45 billion and a 16% increase in segment profit before tax.
