The All Ordinaries Index (ASX: XAO) is 1.85% in the red today, but these four All Ords shares are soaring higher.
The A2 Milk Company Ltd (ASX: A2M), Perpetual Ltd (ASX: PPT), Rhythm Biosciences Ltd (ASX: RHY) and Weebit Nano Ltd (ASX: WBT) share prices are all charging ahead.
The market overall is struggling today amid the US Federal Reserve raising interest rates by 0.75%. So why are these companies surging ahead of the ASX All Ords Index?
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A2 Milk
A2 Milk shares are surging nearly 6% today. The company will be selling its infant formula to the United States. A2 Milk has received US Food and Drug Administration (FDA) approval to supply the product to the USA. A2 Milk sees this as a "significant opportunity" to develop its infant milk formula brand in the long term. However, A2 Milk added:
However, at this early stage, it is difficult to predict the IMF sales potential in the US which is a highly competitive market to enter.
Perpetual
Perpetual shares are rising 8% today. The company has rejected an offer from Regal Partners Limited and BPEA Private Equity Fund VIII to acquire 100% of Perpetual's shares. Perpetual said the $30 cash per share offer "materially undervalues Perpetual". Perpetual said:
This offer is uncertain and conditional and the Perpetual Board believes that it is not in the best interests of its shareholders to engage on this offer and has therefore rejected the offer.
Rhythm Biosciences
The Rhythm Biosciences share price is soaring nearly 10% today. Rhythm has expanded its international regulatory footprint. This includes registering cancer detection technology ColoSTAT product with the New Zealand national database of medical devices. This will mean the technology can now be marketed and sold in New Zealand.
Commenting on the news, CEO and managing director Glenn Gilbert said:
Rhythm is pleased to expand its international regulatory approval footprint into New Zealand which enables the Company to commence marketing and sales activities for ColoSTAT.
Weebit Nano
This ASX All Ords share is jumping nearly 6% today despite no news from the company. Weebit is a memory and semiconductor technology company. In a presentation this week, the company advised it has made significant technical and commercial progress in the last 12 months. The company is developing ReRam NVM memory technology. The NVM market is forecast to be worth $2.9 billion by 2027, Weebit Nano highlighted.
