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.