In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. The benchmark index is currently down 0.9% to 7,384 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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Calix Ltd (ASX: CXL)
The Calix share price is up 2% to $4.21. This morning, Pilbara Minerals Ltd (ASX: PLS) announced that it will push ahead with a joint venture with the battery materials technology company. This will see the construction and operation of a Mid-Stream Demonstration Plant at the Pilgangoora Operation utilising Calix's electric kiln technology. Pilbara Minerals believes it could be a "game-changer" by materially reducing carbon emissions.
Codan Limited (ASX: CDA)
The Codan share price is up over 3% to $7.76. This metal detector company has announced the acquisition of Eagle NewCo for $22 million. It is a UK command and control solutions business that provides mission critical control room communication and workforce management solutions. Eagle's solutions are currently used by more than two‐thirds of police forces in the United Kingdom, as well as by major transportation hubs and airports. This includes Dubai International airport and the London Underground.
PSC Insurance Group Ltd (ASX: PSI)
The PSC share price is up 2% to $4.90. Investors have been buying this insurance solutions company's shares after it released its guidance for FY 2023. PSC expects to report underlying EBITDA of approximately $111 million. This is above its guidance of $101 million to $105 million.
Symbio Holdings Ltd (ASX: SYM)
The Symbio share price is up 17.5% to $2.75. This has been driven by news that Superloop Ltd (ASX: SLC) has tabled a $2.85 per share takeover offer for the cloud communications company. Including potential franking credits of 15 cents per share, the total consideration lifts to $3 per share. Symbio has granted Superloop due diligence.
