In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another small decline. At the time of writing, the benchmark index is down 0.15% to 7,756.9 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are racing higher:
Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price is up 12% to 11 cents. This morning, this tech company revealed that it received and rejected a new takeover offer. Bigtincan received a revised confidential, non-binding, incomplete and indicative offer from Vector Capital Management at an indicative offer price of 19 cents per share. The Bigtincan board advised that it has evaluated the revised proposal and, after consultation, views it as insufficient to engage with Vector and has formally rejected it. Bigtincan remains committed to executing its strategic plan and maximising shareholder value.
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up 6% to $1.66. This follows news that the counter drone technology company has won a major new contract. DroneShield has received an order valued at $4.7 million from a new non-government Swiss international customer. The order will see the company provide the customer with multiple vehicle-based counter-drone (C-UxS) systems. The system will be powered by the DroneSentry-C2 command-and-control system, including its proprietary AI-based sensor fusion engine. The end user for this technology has not been named by DroneShield. However, it has been described as a high-profile Government agency.
Guzman y Gomez Limited (ASX: GYG)
The Guzman y Gomez share price is up 36% to $30.00. Investors have been fighting to get hold of this quick service restaurant operator's shares following the completion of its IPO today. Guzman y Gomez listed on the ASX with a price of $22.00 per share. Following today's gain, the company now has a market capitalisation of ~$3 billion. This means that its shares are changing hands for approximately 500x FY 2025 forecast earnings.
Helia Group Ltd (ASX: HLI)
The Helia Group share price is up 16% to $3.87. Investors appear to believe this lenders mortgage insurance provider was oversold yesterday following an update on its contract with Commonwealth Bank of Australia (ASX: CBA). Analysts at Macquarie believe the news is actually positive and expects Helia to become the sole provider of this insurance to the banking giant. As a result, they have upgraded its shares to an outperform rating with a $3.90 price target.
