The All Ordinaries Index (ASX: XAO) is 0.55% in the red today, but three ASX All Ords shares are charging higher.
The Nitro Software Ltd (ASX: NTO), Arafura Rare Earths Ltd (ASX: ARU) and Air New Zealand Limited (ASX: AIZ) share prices are all in the green today.
Let's take a look at these three ASX All Ords shares in more detail.
Nitro Software
The Nitro Software share price is climbing 3.76% today from $2.13 to $2.21.
Nitro is the subject of a bidding war for a takeover. Alludo is proposing to acquire 100% of Nitro by scheme of arrangement with a revised price of $2.15 per Nitro share. This is 7.5% more than a previous offer. Nitro is recommending shareholders vote in favour of a revised takeover offer from Alludo in the absence of a superior proposal.
Last week, Potentia Capital Management offered to take over Nitro at $2 cash per Nitro share. The Nitro board recommends shareholders reject Potentia's takeover offer.
Air New Zealand
Air New Zealand shares are climbing 2.78% today.
The company recently upgraded its half-year earnings guidance for the 2023 financial year. The airline is expecting to achieve earnings before significant items and taxation for the first half of the financial year to be between $295 and $325 million. This is an upgrade on the previous guidance of $200 million to $275 million.
Commenting on travel demand, Air New Zealand said:
Continued strong travel demand across the domestic and international networks, as well
as a recent decline in jet fuel prices has accelerated the airline's financial recovery. As
a result, Air New Zealand is today upgrading half year earnings guidance for the 2023
financial year.
Arafura Rare Earths
The Arafura Rare Earths share price is soaring 8% today.
Arafura is exploring the Nolans Project in the Northern Territory for neodymium and praseodymium (NdPr). Nolans contains all the rare earths, but it is "particularly enriched" in magnet feed rare earths Nd and Pr. Arafura recently highlighted that the Nolans project is the "only advanced stage NdPR focussed project outside China that plans to mine and process ore to oxide at a single site".
Arafura is conducting a capital raise of $133 million to accelerate construction.
