In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very disappointing decline. At the time of writing, the benchmark index is down 1.45% to 8,296.9 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are racing higher:
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Megaport Ltd (ASX: MP1)
The Megaport share price is up 20% to $11.45. Investors have been buying this network as a service provider's shares following the release of a strong half year result. Megaport reported an 18% increase in annualised recurring revenue over the prior corresponding period to $226.6 million and a 12% lift in gross profit to $74.7 million. The company also pleased the market by increasing its guidance for FY 2025. It is worth noting that Megaport is one of the most shorted ASX shares. So, it is possible that we are seeing another short squeeze taking place today.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price is up 13.5% to $3.93. This has been driven by the release of the infection prevention company's half year results. Nanosonics reported an 18% increase in total revenue to $93.6 million and the more than doubling of its operating profit before tax to $10.9 million. This strong start to FY 2025 has led to management upgrading its full year guidance. CEO Michael Kavanagh said: "This half year result represents a solid foundation to build on for the remainder of the financial year. Consequently, the range for revenue outlook for the full year has been increased from 8-12% to 11-14%."
Telstra Group Ltd (ASX: TLS)
The Telstra share price is up over 5% to $4.13. This telco giant's shares are surging after it released its half year results and revealed solid profit and dividend growth. Telstra reported underlying EBITDA growth of 6% to $4.25 billion and net profit after tax growth of 7.1% to $1.1 billion. This allowed the Telstra board to increase its fully franked interim dividend by 5.6% to 9.5 cents per share. Also getting investors excited was news that Telstra is undertaking a $750 million on-market share buyback.
Universal Store Holdings Ltd (ASX: UNI)
The Universal Store share price is up 9.5% to $9.29. This follows the release of another strong half year results from the youth fashion retailer. Universal Store reported a 16.1% increase in group sales to $183.5 million and a 16% jump in underlying net profit after tax to $23.2 million. In light of this strong form, the Universal Store board lifted its fully franked interim dividend by 33.3% to 22 cents per share.
