The S&P/ASX 200 Index (ASX: XJO) has fought back from a tough start and is now trading just a fraction lower. At the time of writing, the benchmark index is down 2.2 points to 7,046.4 points.
Four ASX shares that are trying their best to lift the market are listed below. Here's why they are rising:
Polynovo Ltd (ASX: PNV)
The Polynovo share price is up almost 2% to $1.33. This morning, this medical device company revealed that it has received additional funding of US$10 million from the Biomedical Advanced Research and Development Authority (BARDA) for the pivotal trial program of NovoSorb BTM. This increases the total funding commitment from BARDA to US$25 million.
Superloop Ltd (ASX: SLC)
The Superloop share price is up 2% to 67.8 cents. Investors appear to have responded positively to news that the telco has been outbid for a proposed acquisition (see below). It seems that some investors weren't overly keen on the plan.
Symbio Holdings Ltd (ASX: SYM)
The Symbio share price is up 16% to $3.07. This follows news that Aussie Broadband Ltd (ASX: ABB) has outbid Superloop. It has tabled the equivalent of a $3.15 per share offer for the cloud-based communication company. This offer increases to $3.30 per share if franking credits are released with a special dividend. This represents a 10% increase on Superloop's $3.00 per share offer (including franking credits).
Syrah Resources Ltd (ASX: SYR)
The Syrah share price is up 14% to 58 cents. This morning, this graphite producer refuted media speculation that it was stockpiling its production. Management revealed that sales and shipments completed recently. It adds: "Ongoing strength in global electric vehicle sales has seen increased anode production in China and improved natural graphite demand recently."
