Why Appen, Infomedia, PointsBet, and Vicinity shares are storming higher

These ASX shares have started the week strongly…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with another decline. At the time of writing, the benchmark index is down 0.75% to 6,426.8 points.

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

Appen Ltd ASX: APX)

The Appen share price is up 8.5% to $5.72. Investors have been buying this artificial intelligence data services company’s shares amid speculation that takeover interest may not be over. In addition, the tech sector is performing positively today following a strong night of trade for the Nasdaq on Friday.

Infomedia Limited (ASX: IFM)

The Infomedia share price is up 8% to $1.61. This morning the automotive industry-focused software company revealed that it has received a third non-binding takeover proposal. Infomedia has granted all three suitors with due diligence access. But it may not end at just three approaches. The company revealed that it is in ongoing talks with other parties.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price is up 20% to $2.57. This follows news that the sports betting company has received a major strategic investment from SIG Sports Investment Corp. It has invested $94.16 million into PointsBet via a placement of shares at a 13% premium to its last close price. This makes SIG Sports Investment Corp the company’s largest shareholder with a 12.8% stake.

Vicinity Centres (ASX: VCX)

The Vicinity share price is up 6% to $1.85. This morning this shopping centre operator upgraded its guidance for FY 2022. Vicinity now expects funds from operations to be at or above 12.6 cents per security in FY 2022. This compares to its previous guidance of 11.8 cents to 12.6 cents. Management stated that this “reflects the sustained strength of retail sales and improved negotiation outcomes with retailers.”

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 positions in and has recommended Appen Ltd, Infomedia and Pointsbet Holdings Ltd. . The Motley Fool Australia owns Infomedia and Pointsbet Holdings Ltd shares. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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