Why Altium, Greenwing, Superloop, and Universal Store shares are racing higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a disappointing decline. At the time of writing, the benchmark index is down 1.2% to 6,494.1 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising:

Altium Limited (ASX: ALU)

The Altium share price is up 3.5% to $35.04. This is despite there being no news out of the printed circuit board design software provider. However, it is worth noting that a number of tech shares are avoiding the market selloff and pushing higher. This has led to the S&P/ASX All Technology Index rising 0.45% today.

Greenwing Resources Ltd (ASX: GW1)

The Greenwing share price is up a massive 51% to 37 cents. This morning this lithium explorer announced an investment by electric vehicle company Nio. The automaker is paying $12 million to Greenwing to subscribe for 21,818,182 shares at an issue price of 55 cents per share. Nio has also agreed to a call option agreement that could see it gain up to 40% of the San Jorge Lithium Project.

Superloop Ltd (ASX: SLC)

The Superloop share price is up 11% to 64.5 cents. Investors have been buying this telco’s shares after it announced the acquisition of VostroNet for $35 million in cash and shares. VostroNet is a leading infrastructure owner and internet provider delivering high speed FTTP and intelligent WiFi networks for multi-dwelling and broadacre developments serviced with VostroNet fiber networks.

Universal Store Holdings Ltd (ASX: UNI)

The Universal Store share price is up 3% to $4.80. This has also been driven by an acquisition announcement. Universal Store has signed an agreement to acquire casual youth fashion retailer Thrills for $50 million. The consideration will comprise $17.5 million in cash, $17.5 million in shares, and a notional amount of $15 million in deferred variable consideration. Management expects the deal to be highly earnings per share accretive.

The post Why Altium, Greenwing, Superloop, and Universal Store shares are racing higher appeared first on The Motley Fool Australia.

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More reading

• Guess which ASX lithium share is exploding 88% higher on a deal with EV maker Nio
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• 2 fantastic ASX 200 shares analysts say are buys
• Why I’m seriously considering buying these ASX shares following today’s market crash

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. has positions in and has recommended Altium and SUPERLOOP FPO. 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 Scott Phillips.

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