In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to get into positive territory but is falling just a touch short. At the time of writing, the benchmark index is down slightly to 7,379.2 points.
Four ASX shares that are not letting that hold them back today are listed below. Here’s why they are racing higher:
Charter Hall Group (ASX: CHC)
The Charter Hall share price is up a further 5% to $21.89. Investors have been buying this property company’s shares since the release of a strong update on Monday. That update went down well with the team at Macquarie. In response, the broker retained its outperform rating and lifted its price target on the company’s shares to $22.90.
Nearmap Ltd (ASX: NEA)
The Nearmap share price is up 5% to $1.55 following the release of a trading update. According to the release, the company expects the Annualised Contract Value (ACV) of its North America portfolio to surpass its Australia and New Zealand ACV by the end of the first half. The release notes that North America ACV has just surpassed US$50 million, taking group ACV beyond US$100 million.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price has jumped 15% to $1.57. This morning the medical device company advised that its United States segment has experienced a strong start to the second quarter of FY 2022. Sales for October and November are up 133% over the prior corresponding period to $4.66 million. PolyNovo also revealed that a number of large corporations have expressed their interest in bringing its NovoSorb BTM product to their retrospective markets.
Virtus Health Ltd (ASX: VRT)
The Virtus Health share price has surged 31% to $6.81. Investors have been bidding this fertility treatment company’s shares higher today after it received a takeover approach from BGH Capital. The private equity firm has tabled an offer of $7.10 cash per share, which represents a 36.3% premium to its last close price. The Virtus Board is assessing the proposal.
The post Why Charter Hall, Nearmap, PolyNovo, and Virtus Health are racing higher appeared first on The Motley Fool Australia.
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More reading
- ASX 200 (ASX:XJO) midday update: Afterpay takeover vote, Woolworths crashes
- Here’s why the Charter Hall (ASX:CHC) share price is leaping another 5% today
- Here’s why the Polynovo (ASX:PNV) share price is rocketing 12% today
- Virtus Health (ASX:VRT) share price soars 30% on takeover bid
- Nearmap (ASX:NEA) share price jumps 10% on strong US growth
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Nearmap Ltd. and POLYNOVO FPO. The Motley Fool Australia owns and has recommended Nearmap Ltd. The Motley Fool Australia has recommended Virtus Health Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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