The S&P/ASX 200 Index (ASX: XJO) is out of form on Tuesday and sinking lower. In afternoon trade, the benchmark index is down 1.15% to 7,090.3 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:
Adore Beauty Group Ltd (ASX: ABY)
The Adore Beauty share price is up 7% to $3.65. Investors appear to believe the online beauty retailer’s shares have been oversold following a sharp decline in recent weeks. Prior to today, the Adore Beauty share price was down approximately 50% from its IPO listing price of $6.75.
APN Property Group Ltd (ASX: APD)
The APN Property Group share price is up 47% to 89.5 cents. The catalyst for this was news that it has entered into a scheme implementation deed with DEXUS Property Group (ASX: DXS). Under the terms of the scheme, DEXUS will acquire APN for 91.5 cents per share by way of a scheme of arrangement. The APD directors have unanimously recommended the offer.
Boral Limited (ASX: BLD)
The Boral share price is up almost 2% to $6.62. This follows news that the building products company has rejected a $6.50 per share takeover offer from Seven Group Holdings Ltd (ASX: SVW). Investors may be hoping that the diversified investment company will come back with an improved offer.
Calix Ltd (ASX: CXL)
The Calix share price is up 4.5% to $2.66. Investors have been buying the technology company’s shares after it announced a memorandum of understanding for a joint venture with lithium miner Pilbara Minerals Ltd (ASX: PLS). The joint venture will see the two companies work together to develop a midstream lithium chemicals refinery. The scoping study will run until late 2021. If positive, Pilbara Minerals and Calix intend to form the joint venture to build a demonstration facility, starting with a Definitive Feasibility Study.