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 1.8% to 7,956.8 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
Appen Ltd (ASX: APX)
The Appen share price is up 3% to 98 cents. This is despite there being no news out of the artificial intelligence data services company today. However, it is worth noting that its shares have been sold off in recent sessions. For example, even after today's gain, Appen's shares are down 22% since this time last week. Some investors may believe that this has created a buying opportunity. Particularly given its much-improved performance.
Aussie Broadband Ltd (ASX: ABB)
The Aussie Broadband share price is up almost 3.5% to $3.36. After the market close on Tuesday, this broadband provider revealed that it has sold its remaining stake in rival Superloop Ltd (ASX: SLC). Aussie Broadband entered into an agreement to sell its 12% stake in Superloop at a sale price of $1.66 per share. The company notes that the sale will generate gross pre-tax proceeds of $99.8 million and a gain on sale of $42.7 million. Management advised that it intends to focus on the growth of Buddy Telco, the integration and growth of Symbio, and further investment in Aussie Fibre.
Nuix Ltd (ASX: NXL)
The Nuix share price is up 2% to $4.88. This follows the release of the investigative analytics and intelligence software provider's investor day update. At the event, management spoke about its strategic targets for FY 2025. This includes targeting ~15% annual contract value (ACV) growth in constant currency, the continued successful rollout of Nuix Neo, and revenue growth to exceed operating cost growth. It also expects to be underlying cash flow positive for the full year.
Orora Ltd (ASX: ORA)
The Orora share price is up over 6% to $2.66. This morning, this packaging company announced that it has entered into a binding agreement to sell the Orora Packaging Solutions business to Veritiv Corporation for an enterprise value of A$1.775 billion (US$1.2 billion) on a cash and debt-free basis. Management believes the offer fully values Orora Packaging Solutions and implies a multiple of approximately 9.9x FY 2024 cash EBITDA. This is a premium to Orora's trading multiple and relevant comparable transactions. Orora plans to return some of the proceeds to shareholders.
