Why Cettire, Damstra, IGO, & Rhipe shares are storming higher

These ASX shares are starting the financial year strongly…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the new financial year in the red. At the time of writing, the benchmark index is down 0.4% to 7,282.8 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are storming higher:

Cettire Ltd (ASX: CTT)

The Cettire share price has risen 5% to $2.78. This follows an announcement which reveals that the online luxury goods retailer is expanding into the children’s wear segment. The launch includes a new website vertical where the company plans to host 6,000 children’s wear products. It will also seek to expand its range over time.

Damstra Holdings Ltd (ASX: DTC)

The Damstra share price has jumped 5.5% to 87.5 cents. This morning the workplace management solutions provider announced a new $20 million debt facility. Damstra notes that this will improve its operating cashflow and provide extra capital to support its global growth ambitions. The new facility is with San Francisco-based Partners for Growth, which specialises in funding growing technology companies.

IGO Ltd (ASX: IGO)

The IGO share price is up 4.5% to $7.99. Investors have been buying the clean energy-focused mining company’s shares after it completed its transformational transaction to form a new lithium joint venture with Tianqi Lithium. The $1.9 billion transaction sees the company acquire a 49% non-controlling interest in Tianqi Lithium Energy Australia. This gives it a 24.99% indirect interest in world-class Greenbushes Lithium Operation and a 49% interest in the Kwinana Lithium Hydroxide Plant.

Rhipe Ltd (ASX: RHP)

The Rhipe share price has surged 18% higher to $2.47. The catalyst for this was news that the leading cloud and technology solutions provider has received a takeover approach. According to the release, it has received a confidential, non-binding, conditional proposal from Norway-based Crayon Group valued at $2.50 per share. This represents a 19.6% premium to its last close price. Management will allow Crayon Group to undertake limited confirmatory due diligence on a non-exclusive basis.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Cettire Limited and Damstra Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Damstra Holdings Ltd. The Motley Fool Australia has recommended Cettire Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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