The S&P/ASX 200 Index (ASX: XJO) is out of form on Tuesday and sinking lower. In afternoon trade, the benchmark index is down 1.15% to 7,090.3 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:
Adore Beauty Group Ltd (ASX: ABY)
The Adore Beauty share price is up 7% to $3.65. Investors appear to believe the online beauty retailer’s shares have been oversold following a sharp decline in recent weeks. Prior to today, the Adore Beauty share price was down approximately 50% from its IPO listing price of $6.75.
APN Property Group Ltd (ASX: APD)
The APN Property Group share price is up 47% to 89.5 cents. The catalyst for this was news that it has entered into a scheme implementation deed with DEXUS Property Group (ASX: DXS). Under the terms of the scheme, DEXUS will acquire APN for 91.5 cents per share by way of a scheme of arrangement. The APD directors have unanimously recommended the offer.
Boral Limited (ASX: BLD)
The Boral share price is up almost 2% to $6.62. This follows news that the building products company has rejected a $6.50 per share takeover offer from Seven Group Holdings Ltd (ASX: SVW). Investors may be hoping that the diversified investment company will come back with an improved offer.
Calix Ltd (ASX: CXL)
The Calix share price is up 4.5% to $2.66. Investors have been buying the technology company’s shares after it announced a memorandum of understanding for a joint venture with lithium miner Pilbara Minerals Ltd (ASX: PLS). The joint venture will see the two companies work together to develop a midstream lithium chemicals refinery. The scoping study will run until late 2021. If positive, Pilbara Minerals and Calix intend to form the joint venture to build a demonstration facility, starting with a Definitive Feasibility Study.
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More reading
- ASX 200 down 0.9%: Boral rejects takeover offer, Afterpay & PointsBet sink
- APN Property (ASX:APD) share price rockets 48% on Dexus takeover
- Pilbara Minerals (ASX:PLS) share price lower despite joint venture news
- Boral (ASX:BLD) share price in focus as it rejects Seven Group (ASX:SVW) takeover bid
- 5 things to watch on the ASX 200 on Tuesday
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Adore Beauty Group Limited. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Why Adore Beauty, APN Property, Boral, & Calix shares are pushing higher appeared first on The Motley Fool Australia.
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