In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.25% to 7,334.5 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are storming higher:
ARB Corporation Limited (ASX: ARB)
The ARB share price is up 8% to $44.68. Investors have been buying the 4×4 parts manufacturer's shares following the release of a market update. According to the release, ARB achieved a 33.9% increase in unaudited sales revenue to $623 million in FY 2021. Things were even better on the bottom line thanks to margin expansion. The company expects its profit before tax to be within the range of $145 million to $150 million. This will be an increase of 85.5% to 92% on FY 2020's profit before tax of $78.1 million.
Rhythm Biosciences Ltd (ASX: RHY)
The Rhythm Biosciences share price is up 4% to 88.5 cents. This morning the diagnostics company announced the creation of a wholly owned US domiciled entity, IchorDX. This will enable Rhythm to pursue its international expansion activities for ColoSTAT in one of its largest priority markets. ColoSTAT is intended to be a simple, affordable, minimally invasive and effective blood test for the early detection of bowel cancer. Management notes that the US market represents one of the largest diagnostic markets in the world, with a current addressable market of over 94 million people.
Sezzle Inc (ASX: SZL)
The Sezzle share price has jumped 7% to $8.53. This morning the buy now pay later (BNPL) provider revealed that Discover Financial Services has agreed to invest US$30 million into Sezzle. Discover has 48 million merchant locations and generated US$417 billion in total network volume last year. In addition to the investment, the two parties plan to work on a buy now, pay later network solution on the Discover Global Network.
Spark Infrastructure Group (ASX: SKI)
The Spark share price has stormed 7.5% higher to $2.66 after receiving and then rejecting a takeover approach. This morning the energy network operator revealed that it received a conditional and non-binding indicative proposal from Ontario Teachers' Pension Plan Board (OTPP) and Kohlberg Kravis Roberts & Co (KKR) of $2.70 cash per share. The Spark Board believes it undervalues the company.
