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.