Why these 4 ASX shares are surging higher today

The APA Group (ASX:APA) share price is one of four surging higher on Wednesday. Here’s why…

| More on:
child in a superman outfit indicating a surge in share price

Image source: Getty Images

In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back all of yesterday’s gains and is down a sizeable 0.6% to 6,020.1 points.

Four shares that have defied the market and climbed higher today are listed below. Here’s why they have surged higher:

The APA Group (ASX: APA) share price has rocketed 21% higher to $10.00 after the gas infrastructure and transportation company received a $13 billion cash takeover offer. A Hong Kong-based consortium led by CK Infrastructure Holdings has offered $11.00 for each APA Group share, which was a 33% premium to the last close price. Time will tell whether the FIRB gives the deal its seal of approval.

The Catapult Group International Ltd (ASX: CAT) share price has continued its rise and is up a further 2.5% to $1.28. On Tuesday the sports analytics and wearables company was the subject of a positive broker note out of Morgans. The broker retained its add rating and $1.76 price target on Catapult’s shares after it received accreditation from FIFA. The broker believes this accreditation could make it easier for Catapult to initiate sales discussions with governing bodies and clubs.

The Gage Roads Brewing Co Limited (ASX: GRB) share price has surged 15% higher to 10.5 cents after successfully completing its institutional placement. According to the release, the craft brewery completed a bookbuild and received irrevocable commitments to raise $10 million at an issue price of 8.5 cents per share. The funds will be used to support the acquisition of Matso’s Broome Brewing.

The Gateway Lifestyle Group (ASX: GTY) share price has stormed 14.5% higher to $2.09 after the retirement living company announced the receipt of a non-binding all-cash proposal for all its shares from the Hometown Australia and Hometown American Communities Partnership. The partnership has offered $2.10 cash per share. Management advised that it has commenced a detailed assessment of the proposal and that due diligence access has not yet been granted.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Catapult Group International Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on ⏸️ Investing