The S&P/ASX 200 Index (ASX: XJO) is out of form and dropping on Wednesday. At the time of writing, the benchmark index is down 0.35% to 8,219.5 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
Appen Ltd (ASX: APX)
The Appen share price is up 6% to $2.09. Investors have been buying this artificial intelligence data services company's shares after it reported a further improvement in its performance. For the third quarter, Appen's revenue came in at $54.1 million. While this was down 13% from the prior corresponding period, it was up 35% year on year excluding the loss of the Google contract. EBITDA was positive at $1 million, compared to a loss of $7.5 million a year earlier.
GQG Partners Inc (ASX: GQG)
The GQG Partners share price is up 1.5% to $2.79. This morning, this fund manager announced its latest dividend payout. GQG's board of directors have declared a quarterly dividend of 3.48 US cents per share or approximately 5.3 Australian cents per share. It notes that this dividend represents 90% of the company's estimated third quarter distributable earnings.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 5% to $2.99. This has been driven by the lithium miner's quarterly update. While the update itself wasn't much to write home about, with all metrics heading in the wrong direction, it was what management announced that has got investors excited. It is planning to optimise the Pilgangoora Operation to a single processing plant via the Pilgan plant. It is expected to have a standalone production capacity of ~850kt per annum (P850) with lower costs. The higher cost, lower capacity Ngungaju plant will be placed into temporary care and maintenance from 1 December.
Syrah Resources Ltd (ASX: SYR)
The Syrah Resources share price is up 6% to 30.3 cents. While this graphite producer released its quarterly update today, its operations were on pause for the three months. So, it is more likely to be a funding announcement that is getting investors excited. Syrah has signed a US$150 million (A$227 million) binding loan agreement with the United States International Development Finance Corporation. It notes that this will fund the capital requirements at the Balama Graphite Operation and is aligned with the US Government's commitment to support development in Africa. It also reduces the risk of a capital raising being needed in the near future.
