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.
