The ASX All Ordinaries index may be having a subdued session, but that hasn't stopped two shares from scaling new heights.
Here's why these shares are rising today:
Altium Ltd (ASX: ALU)
The Altium share price has hit a new record high of $68.20 on Tuesday.
Investors have been buying the electronic design software company's shares after its takeover by Japan's Renesas took another big step towards completion.
The ASX All Ords share advised that the Committee on Foreign Investment in the United States (CFIUS) has approved the deal after concluding that there are no unresolved national security concerns with respect to the transaction.
This approval by CFIUS was the last outstanding regulatory authorisation required to complete the transaction. Shareholders will now vote on the deal at a meeting on 12 July. If everything goes to plan, the $68.50 per share takeover will complete on 1 August.
Superloop Ltd (ASX: SLC)
The Superloop share price has hit a multi-year high of $1.65.
The catalyst for this has been the release of a trading update from the telco this morning.
Superloop advised that it has continued to perform very strongly in the high value segment of the residential broadband market. It notes that its high-speed plans (100Mbps or greater) now exceed 50% of its base.
The good news is that it expects this trend to continue, driven by consumer demand for higher internet speeds, reliability, and value.
In light of its strong performance, management expects its underlying EBITDA for FY 2024 to be at or above the top end of the $51 million to $53 million guidance range.
It also advised that FY 2024 cash capex remains on track for the $25 million to $27 million range previously guided. This includes $5 million in additional capex associated with the recent Origin Energy Ltd (ASX: ORG) and AGL Energy Limited (ASX: AGL) contract wins, together with the accelerated customer growth in the Consumer segment.
Speaking of Origin, the energy retailer has reached "go live" with Superloop. This means that from today, Superloop's white label offering will underpin new sign-ups for Origin home broadband services.
The ASX All Ords share highlights that this milestone has been reached in under four months. It believes the speed of this achievement is testament to the capability of the Superloop platform and the strong collaboration between project teams.
