It has been another disappointing day for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is down 1.1% to 7,191.6 points.
Four ASX shares that have not let that hold them back are listed below. Here's why these shares are pushing higher:
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Sigma Healthcare Ltd (ASX: SIG)
The Sigma Healthcare share price is up 3% to 62 cents. Investors have been buying this pharmacy chain operator's shares this week after a bidding war broke out between Wesfarmers Ltd (ASX: WES) and Australian Pharmaceutical Industries Ltd (ASX: API). Investors appear to be hoping that Wesfarmers comes back with a higher offer.
Smartgroup Corporation Ltd (ASX: SIQ)
The Smartgroup share price has jumped 18% to $9.29. This morning the fleet management and salary packaging company announced the receipt of a takeover approach of its own. A consortium led by private equity firm TPG Global has tabled an all-cash offer of $10.35 per share. Four weeks of due diligence has been granted.
St Barbara Ltd (ASX: SBM)
The St Barbara share price has stormed 7% higher to $1.36. Investors have been buying gold miners today amid the market volatility. And with the St Barbara share price down materially this year, it has been particularly popular with investors. The S&P/ASX All Ordinaries Gold index is up 2.7% at the time of writing.
Touch Ventures Ltd (ASX: TVL)
The Touch Ventures share price is up 31% to 52.5 cents. This morning the Afterpay Ltd (ASX: APT) spin off completed its IPO with a listing price of 40 cents per share. Touch Ventures is an investment holding company focused on high growth, scalable investment opportunities in Australia and internationally. This includes companies that may benefit from Afterpay's ecosystem.
