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:
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Appen Ltd (ASX: APX)
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.
Chalice Mining Ltd (ASX: CHN)
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."
GenusPlus Group Ltd (ASX: GNP)
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.
Xref Ltd (ASX: XF1)
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.
