In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has slipped into the red. At the time of writing, the benchmark index is down slightly to 8,207.5 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:
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Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price is up 22% to 19.5 cents. Investors have been buying this sales enablement platform provider's shares after it received a new takeover offer. NASDAQ-listed Investcorp India Acquisition Corp (NASDAQ: IVCA) has made a non-binding proposal for a business combination. Under the proposal, all of the shares in Bigtincan would be exchanged for shares in a newly formed Cayman Island holding company at an implied equity value of US$275 million (~A$400 million). This is the equivalent of A$0.472 per share at current exchange rates. The Bigtincan board is evaluating the offer.
Newmont Corporation (ASX: NEM)
The Newmont share price is up almost 2% to $78.61. Investors have been buying the gold miner's shares after the price of the precious metal rebounded overnight. The catalyst for this was escalating tensions in the Middle East. This led to increased demand for safe haven assets. It isn't just Newmont shares that are rising today. The S&P/ASX All Ordinaries Gold index is up 0.8% at the time of writing.
Santos Ltd (ASX: STO)
The Santos share price is up 2.5% to $7.18. This follows a strong rise in oil prices overnight due to the aforementioned tensions in the Middle East. In addition, Santos announced that it has signed a mid-term LNG supply contract with TotalEnergies Gas & Power Asia. This will see it supply 20 LNG cargoes, or up to approximately 0.5 million tonnes of LNG per annum over a period of three years plus one quarter. Santos CEO, Kevin Gallagher, commented: "This oil indexed contract, along with the recently executed long-term LNG Sales and Purchase Agreement with Hokkaido Gas in Japan, and the mid-term contract with Glencore, demonstrates Santos' strong LNG portfolio position and customer relationships in the region."
Sigma Healthcare Ltd (ASX: SIG)
The Sigma share price is up a further 6% to $1.87. Investors have been buying this pharmacy chain operator and wholesaler's shares this week following an update on its proposed acquisition of Chemist Warehouse. That update reveals that Sigma has offered to make court-enforceable undertakings to help satisfy competition concerns. ACCC Chair, Gina Cass-Gottlieb, responded: "We are now seeking feedback from stakeholders on whether the draft undertaking offered by Sigma may be capable of addressing the competition concerns arising from its proposed acquisition of Chemist Warehouse." The market may believe this will be enough to get the deal over the line.
