Why Adore Beauty, ALE Property, Ausnet, & Zoom2u shares are charging higher

These ASX shares are performing positively on Monday…

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It has been a very disappointing start to the week for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is down 1.95% to 7,259.1 points.

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

Adore Beauty Group Ltd (ASX: ABY)

The Adore Beauty share price is up 3% to $4.55. This appears to have been driven by a broker note out of Jarden this morning. According to the note, the broker has put a buy rating and $5.70 price target on its shares. Jarden believes the online beauty retailer could double its sales in the next five years thanks to the shift online.

ALE Property Group (ASX: LEP)

The ALE Property share price has jumped over 20% to $5.66. Investors have been buying the company’s shares after it received a takeover approach. The offer from Charter Hall Long WALE REIT (ASX: CLW) and Hostplus values the company at $5.683 per share. If it completes, shareholders will receive $3.673 cash along with 0.408 Charter Hall shares for each ALE Property share they hold.

Ausnet Services Ltd (ASX: AST)

The Ausnet Services share price is up almost 19% to $2.35. This follows news that the electricity distributor has also received a takeover approach. According to the release, Brookfield Asset Management has made a non-binding offer to acquire the company for $2.50 per share. This is a 26% premium to Ausnet’s closing price of $1.98 on Friday. Ausnet has decided to provide Brookfield with the opportunity to conduct due diligence.

Zoom2u Technologies Ltd (ASX: Z2U)

The Zoom2u share price is up 15% to 77 cents. This is quite the turnaround for the delivery services company’s shares. This morning Telstra Corporation Ltd (ASX: TLS) revealed that it would be using Zoom2u for a new two-hour delivery offering. However, it appears as though many investors missed the news initially, as the Zoom2u share price was down 12% when I first reported on the deal.

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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. has recommended Adore Beauty Group Limited. The Motley Fool Australia has no position in any of the stocks mentioned. 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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