The S&P/ASX 200 Index (ASX: XJO) is having a day to forget on Tuesday. In afternoon trade, the benchmark index is down a very disappointing 2.1% to 7,586.6 points.
Four ASX shares that are avoiding the market selloff today are listed below. Here's why they are rising:
Decmil Group Limited (ASX: DCG)
The Decmil Group share price is up 66% to 28.2 cents. Investors have been buying the mining services company's shares after it received and accepted a takeover offer from Macmahon Holdings Ltd (ASX: MAH). The two parties have agreed to a deal for 30 cents per share, which represents a 76% premium to where Decmil's shares ended yesterday's session. The Decmil board is recommending that shareholders vote in favour of the deal. This is in the absence of a superior proposal and subject to the independent expert's report.
Southern Cross Electrical Engineer Ltd (ASX: SXE)
The Southern Cross Electrical Engineer (SCEE) share price is up 6% to $1.20. This morning, this electrical, instrumentation, communication and maintenance services provider announced a major new contract win. SCEE's Heyday subsidiary has been awarded extensions at two data centres in New South Wales and a range of buildings projects in the ACT, totalling ~$50 million. Managing director, Graeme Dunn, commented: "Only last month we announced our fourth award at NEXTDC's Artamon Data Centre and this new award at that location further demonstrates the track record for delivery that Heyday has in this fast-growing sector."
Spartan Resources Ltd (ASX: SPR)
The Spartan Resources share price is up 9% to 62.7 cents. This follows the announcement of a major new gold discovery at the Dalgaranga Gold Project in Western Australia. Spartan Resources, which was formerly known as Gascoyne Resources, revealed that it has discovered a new high-grade gold lode immediately south of the 952koz Never Never Gold Deposit at the 100%-owned project in the Murchison region. The gold explorer's CEO, Simon Lawson, believes the discovery is another game-changer.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix Pharmaceuticals share price is up 1% to $13.05. This morning, Telix announced that the United States Food and Drug Administration (FDA) has granted Fast Track designation to its investigational glioma imaging product, TLX101- CDx. The granted Fast Track designation is for the characterisation of progressive or recurrent glioma using positron emission tomography (PET). It provides Telix with an expedited review and closer consultation with the FDA during the review process.
