In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very sharp decline. At the time of writing, the benchmark index is down 3.1% to 6,983 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:
Cimic Group Ltd (ASX: CIM)
The Cimic share price is up a massive 33% to $22.00. Investors have been buying the engineering company’s shares after it revealed the receipt of a takeover approach. According to the release, Cimic’s majority shareholder, HOCHTIEF, has announced that it intends to make an off-market takeover offer of $22 cash per share.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is up 14% to $18.82. This follows the release of the fashion jewellery retailer’s half year results. For the six months ended 26 December, Lovisa reported a 48.3% increase in revenue to $217.8 million and a 70.3% jump in net profit after tax to $36.1 million. Lovisa opened 42 new stores during the period, bringing its total to 589 stores.
NextDC Ltd (ASX: NXT)
The NextDC share price is up 3.5% to $10.55. Investors have been buying NextDC’s shares after it reported a 19% increase in half year data centre services revenue to $144.5 million and a 29% lift in EBITDA to $85 million. This was underpinned by a 10% boost in customers to 1,569 and a 14% lift in interconnections to 15,879.
Nine Entertainment Co Holdings Ltd (ASX: NEC)
The Nine share price is up 3% to $2.79. This morning the entertainment and media company delivered a half year result ahead of guidance. Revenue was up 15% to $1.3 billion and net profit after tax rose 20% to $225.2 million. This allowed Nine to increase its interim dividend by 40% to 7 cents per share.
The post Why Cimic, Lovisa, NextDC, and Nine shares are charging higher appeared first on The Motley Fool Australia.
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More reading
- ASX 200 (ASX:XJO) midday update: Appen and Life360 crushed, Flight Centre posts $188m loss
- NextDC (ASX:NXT) share price climbs 5% on record results
- Cimic (ASX:CIM) share price explodes 33% higher following takeover approach
- All that glitters: Lovisa (ASX:LOV) share price skyrockets 20% on high-profit earnings
- Nine (ASX:NEC) share price lifts 6% on first-half profit jump
Motley Fool contributor James Mickleboro owns NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Lovisa Holdings Ltd. 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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