Why Corporate Travel, Light & Wonder, Navigator Global, and St Barbara shares are racing higher

These shares are having a good session on hump day. But why?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.5% to 8,436.5 points.

Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:

Corporate Travel Management Ltd (ASX: CTD)

The Corporate Travel Management share price is up almost 10% to $16.44. This morning, this corporate travel specialist released its half year results and reported a 6% decline in revenue to $342.8 million and a 33% decline in underlying net profit after tax to $38.7 million. However, this was largely expected as its European operations wound down one-off war-related projects from FY 2024. Investors appear more focused on its Rest of World segment excluding Europe, which delivered a 38% increase in underlying EBITDA growth of 38%. Management also spoke positively about the future and revealed that it is aiming to double its FY 2024 earnings in the next five years.

Light & Wonder Inc. (ASX: LNW)

The Light & Wonder share price is up 10% to $168.63. This follows news that the game developer has signed an agreement for an acquisition. Light & Wonder is acquiring the charitable gaming assets of Grover Gaming and G2 Gaming for a total consideration of US$850 million cash. This is subject to customary purchase price adjustments, and a four-year revenue based earn-out of up to US$200 million cash. CEO Matt Wilson said: "Grover Gaming is a leading player in charitable gaming, a category that has experienced significant growth in recent years. This transaction complements our position as the leading cross-platform global games company by adding another compelling regulated adjacency to our profile."

Navigator Global Investments Ltd (ASX: NGI)

The Navigator Global share price is up 17% to $1.92. This follows the release of the investment company's half year results. Navigator Global reported a 28% increase in revenue to US$92.3 million and a 16% lift in adjusted EBITDA to US$41.1 million. The company's CEO, Stephen Darke said: "Our first half results reflect an excellent performance from Lighthouse and highlights the importance of a diversification across NGI's scalable portfolio of alternative managers."

St Barbara Ltd (ASX: SBM)

The St Barbara share price is up 4% to 26.5 cents. This follows a strong rise in the gold price overnight and the release of the company's half year results. In respect to the latter, St Barbara posted an underlying loss after tax of $48 million for the half. This appears to have been better than some investors were fearing. St Barbara ended the year with cash on hand of $129.1 million excluding restricted cash.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Corporate Travel Management and Light & Wonder. The Motley Fool Australia has positions in and has recommended Corporate Travel Management. The Motley Fool Australia has recommended Light & Wonder. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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