In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very sharp decline. At the time of writing, the benchmark index is down 3.1% to 6,983 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are charging higher:
Cimic Group Ltd (ASX: CIM)
The Cimic share price is up a massive 33% to $22.00. Investors have been buying the engineering company's shares after it revealed the receipt of a takeover approach. According to the release, Cimic's majority shareholder, HOCHTIEF, has announced that it intends to make an off-market takeover offer of $22 cash per share.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is up 14% to $18.82. This follows the release of the fashion jewellery retailer's half year results. For the six months ended 26 December, Lovisa reported a 48.3% increase in revenue to $217.8 million and a 70.3% jump in net profit after tax to $36.1 million. Lovisa opened 42 new stores during the period, bringing its total to 589 stores.
NextDC Ltd (ASX: NXT)
The NextDC share price is up 3.5% to $10.55. Investors have been buying NextDC's shares after it reported a 19% increase in half year data centre services revenue to $144.5 million and a 29% lift in EBITDA to $85 million. This was underpinned by a 10% boost in customers to 1,569 and a 14% lift in interconnections to 15,879.
Nine Entertainment Co Holdings Ltd (ASX: NEC)
The Nine share price is up 3% to $2.79. This morning the entertainment and media company delivered a half year result ahead of guidance. Revenue was up 15% to $1.3 billion and net profit after tax rose 20% to $225.2 million. This allowed Nine to increase its interim dividend by 40% to 7 cents per share.
