Why Invictus Energy, Perpetual, Polynovo, and Zip shares are charging higher

These ASX shares are catching the eye on Thursday. What's going on?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to give back some of yesterday's monster gains. At the time of writing, the benchmark index is down 0.35% to 7,154.1 points.

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

Invictus Energy Ltd (ASX: IVZ)

The Invictus Energy share price is up 28% to 20.5 cents. This morning, this energy explorer announced a gas discovery in the Mukuyu-2 well at its 80% owned and operated Cabora Bassa Project in Zimbabwe.

Perpetual Ltd (ASX: PPT)

The Perpetual share price is up 8.5% to $25.58. Investors have been buying this fund manager's shares after it received and rejected a takeover offer from Washington H Soul Pattinson & Company Ltd (ASX: SOL). The company revealed that the investment house tabled a $27.00 per share offer, which represents a total enterprise value of $3.53 billion. The Perpetual board believes the offer undervalues the company.

Polynovo Ltd (ASX: PNV)

The Polynovo share price is up 2.5% to $1.56. This medical device company's shares have been pushing higher since yesterday's trading update. That update revealed that Polynovo delivered record sales of $8 million during November. This was driven by strong growth in both the United States and its Rest of World businesses.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 17% to 49.2 cents. This appears to have been driven by a broker note out of Citi. According to the note, the broker has retained its neutral (high risk) rating but lifted its price target by 11% to 51 cents. Citi has been impressed with the company's strong growth in the United States market.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 PolyNovo, Washington H. Soul Pattinson and Company Limited, and Zip Co. The Motley Fool Australia has positions in and has recommended Washington H. Soul Pattinson and Company Limited. 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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