Why Altium, Greenwing, Superloop, and Universal Store shares are racing higher

These ASX shares are starting the week strongly…

| More on:
A man sees some good news on his phone and gives a little cheer.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a disappointing decline. At the time of writing, the benchmark index is down 1.2% to 6,494.1 points.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Altium Limited (ASX: ALU)

The Altium share price is up 3.5% to $35.04. This is despite there being no news out of the printed circuit board design software provider. However, it is worth noting that a number of tech shares are avoiding the market selloff and pushing higher. This has led to the S&P/ASX All Technology Index rising 0.45% today.

Greenwing Resources Ltd (ASX: GW1)

The Greenwing share price is up a massive 51% to 37 cents. This morning this lithium explorer announced an investment by electric vehicle company Nio. The automaker is paying $12 million to Greenwing to subscribe for 21,818,182 shares at an issue price of 55 cents per share. Nio has also agreed to a call option agreement that could see it gain up to 40% of the San Jorge Lithium Project.

Superloop Ltd (ASX: SLC)

The Superloop share price is up 11% to 64.5 cents. Investors have been buying this telco's shares after it announced the acquisition of VostroNet for $35 million in cash and shares. VostroNet is a leading infrastructure owner and internet provider delivering high speed FTTP and intelligent WiFi networks for multi-dwelling and broadacre developments serviced with VostroNet fiber networks.

Universal Store Holdings Ltd (ASX: UNI)

The Universal Store share price is up 3% to $4.80. This has also been driven by an acquisition announcement. Universal Store has signed an agreement to acquire casual youth fashion retailer Thrills for $50 million. The consideration will comprise $17.5 million in cash, $17.5 million in shares, and a notional amount of $15 million in deferred variable consideration. Management expects the deal to be highly earnings per share accretive.

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 Altium and SUPERLOOP FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

Lion roaring in the wild, symbolising a rising Liontown share price.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors once again pulled back from record highs today.

Read more »

Cheerful boyfriend showing mobile phone to girlfriend in dining room. They are spending leisure time together at home and planning their financial future.
Share Gainers

Why Accent, Dusk, Evolution Mining, and Zip shares are pushing higher today

These shares are having a great session. But why?

Read more »

Hands reaching high for a trophy with a sunset in the background.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another day and another record high for ASX shares this Wednesday.

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Gold

Have you heard of this ASX gold stock? It's up 114% in 8 days!

Investors have sent the ASX gold stock flying higher in July. But why?

Read more »

A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.
Share Gainers

Why Cettire, Core Lithium, Northern Star, and Step One shares are charging higher

These shares are having a good time on hump day. But why?

Read more »

A woman's hand draws a stylised 'Top Ten' on a projected surface.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX investors this Tuesday.

Read more »

A man sees some good news on his phone and gives a little cheer.
Share Gainers

Why EOS, Hub24, Integrated Research, and Kingsgate shares are pushing higher

These shares are having a strong session. But why?

Read more »

happy mining worker fortescue share price
Share Gainers

Move over Lynas! How this ASX rare earths small-cap surged 106% in just 6 months

This ASX rare earths stock has more than doubled in less than half a year. But how?

Read more »