In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. At the time of writing, the benchmark index is down 0.4% to 7,288.3 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are charging higher:
Ampol Ltd (ASX: ALD)
The Ampol share price is up 3% to $30.02. Investors have been buying the fuel retailer's shares after it announced that it has entered into a binding scheme implementation agreement to acquire Z Energy Ltd (ASX: ZEL). According to the release, the two parties have agreed on a price of NZ$3.78 cash per share. This represents an enterprise value of NZ$2.8 billion. Management expects the deal to create a "Trans-Tasman fuel champion."
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is up almost 5% to $14.93. There appear to have been a couple of catalysts for this rise. One was a solid night for iron ore prices on Friday and the other is a broker note out of Ord Minnett. The latter has seen the broker downgrade its iron ore price forecasts but retain its buy rating, albeit with a slightly trimmed price target of $25.00.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is up 3.5% to $5.37. This insurance giant's shares are charging higher after the Federal Court found in favour of insurers on a significant number of policy wording questions in the second business interruption test case. And while the court found in favour of policyholders on other questions, IAG revealed that it is reviewing the judgment to determine whether to appeal any aspect of it.
Perenti Global Ltd (ASX: PRN)
The Perenti share price is up 4% to 99 cents. The catalyst for this appears to have been a broker note out of Macquarie this morning. According to the note, the broker has retained its outperform rating and lifted its price target on Perenti's shares to $1.10. The broker was pleased to see the company reaffirm its FY 2022 guidance at its annual general meeting.
