Why Arafura, Megaport, Nitro, and Sayona Mining shares are storming higher today

These ASX shares are starting the week positively…

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The S&P/ASX 200 Index (ASX: XJO) are on course to start the week with a decline. In afternoon trade, the benchmark index is down 0.6% to 7,170.6 points.

Four ASX shares that have not let that hold them back are listed below. Here's why they are racing higher:

Arafura Rare Earths Ltd (ASX: ARU)

The Arafura share price is up 4.5% to 45 cents. Investors have been loading up on this rare earths producer's shares once the dust settled on its recent institutional placement. Arafura received firm commitments for $121 million from institutional investors at 37 cents per new share. These funds will be used to help accelerate the development schedule of the Nolans Project.

Megaport Ltd (ASX: MP1)

The Megaport share price is up 4.5% to $6.76. This is despite there being no news out of the network as a service provider. However, with its shares down almost 70% year to date prior to today's session, some investors may believe they had been oversold.

Nitro Software Ltd (ASX: NTO)

The Nitro share price is up almost 4% to $2.21. This morning the document productivity software provider revealed that Alludo has increased its takeover proposal by 15 cents per share to $2.15 per share. Investors appear to be betting that fellow suitor Potentia will lift its $2.00 per share offer. Though, it is worth noting that Nitro is recommending Alludo's latest offer to shareholders.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is up 3.5% to 22.25 cents. Investors have been buying this lithium developer's shares after it released an update on the North American Lithium (NAL) project. That update reveals that the company has been awarded the final permit for NAL's restart ahead of the planned recommencement of production in the first quarter of 2023. Management believes this has effectively de‐risked its NAL operation.

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 Megaport. The Motley Fool Australia has recommended Megaport. 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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