The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a gain. In early afternoon trade, the benchmark index is up 0.25% to 8,236.2 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
The Appen share price is up 3% to $2.23. Although this artificial intelligence data services company has just raised $50 million at an 11.5% discount of $1.92 per new share, investors are looking beyond this and focusing more on its accompanying trading update. For the three months ended 30 September, Appen achieved revenue of $54.1 million. This represents a 12.9% decline over the prior corresponding period. But if you exclude the loss of Google as a customer, Appen's revenue would have increased 34.6%. Another positive was that Appen achieved a breakeven EBITDA result for the period.
The Chalice Mining share price is up 4% to $1.60. This follows news that the Federal Government has awarded Major Project Status to Chalice Mining's 100%-owned Gonneville PGE-Ni-Cu-Co Project. Management notes that this recognises the project's "national significance" to the development of Australia's critical minerals sector. CEO Alex Dorsch said: "It is particularly pleasing to receive this support from the Commonwealth in addition to the Strategic Project status recently granted by Western Australian Premier Roger Cook."
The GenusPlus share price is up 1.5% to $2.63. This follows news that the specialist power and communications infrastructure and services provider is making an acquisition. It has entered into a binding, conditional agreement to acquire Partum Engineering for a total consideration of up to $16 million. Partum provides engineering design services to various public and private customers, including GenusPlus, with revenue of ~$16.2 million and EBIT of ~$4.1 million in FY 2024.
The Xref share price is up 55% to 21 cents. This morning, it was revealed that Seek Ltd (ASX: SEK) is aiming to acquire the human resources and recruitment technology company for 21.8 cents per share in cash. This represents a 61% premium to where it last traded and implies an enterprise value of approximately $45 million. Seek advised that the proposed transaction is consistent with its strategy and focus on trust in its employment marketplace. It feels that Xref's capability is a logical extension of Seek's product offering and addresses a clear need for its customers.
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