In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. At the time of writing, the benchmark index is down 2.1% to 7,942.5 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
The Block Inc share price is up 5.5% to $100.55. This follows the release of the payments company's quarterly update. For the quarter, Block reported an 11.2% increase in total revenue to US$6.16 billion. And with operating expenses falling 3.4% to US$1.93 billion, this helped Block almost double its net income to US$195 million. Also getting investors excited was news that its board has now authorised the repurchase of up to an additional US$3 billion of shares to return capital to shareholders.
The Pinnacle share price is up over 4% to $17.17. Investors have been buying this investment management company's shares following the release of its full year results. Pinnacle reported an 18.1% increase in profit to $90.35 million. This allowed the company's board to increase its dividend by 17% to 42 cents. Management notes that affiliate revenues (including performance fees) grew by 30% over FY 2023, which included revenues from Horizon 2 initiatives.
The Resimac share price is up 3% to 90 cents. This morning, this non-bank lender released a trading update for FY 2024. Resimac revealed that total settlements for the year were $5.1 billion, which is up from $4.2 billion from a year earlier. This comprises home loan settlements of $4.3 billion (up from $3.7 billion) and asset finance settlements of $0.8 billion (up from $0.5 billion). Management also revealed that arrears and hardships remain relatively low across all product segments. This is reflective of the underlying credit quality of the book supported by a strong collections and recovery capability.
The Westgold Resources share price is up 2% to $2.70. This morning, Westgold announced that its merger with Karora Resources is complete. It notes that this creates a leading mid-tier gold producer and international gold company, which is expected to be dual listed on the Australian Securities Exchange and Toronto Stock Exchange. CEO Wayne Bramwell said: "Today marks the next phase of Westgold's evolution into a larger, unhedged and well-funded Australian gold producer."
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