The S&P/ASX 200 Index (ASX: XJO) is out of form on Thursday. In afternoon trade, the benchmark index is down 0.5% to 6,964.1 points.
Four ASX shares that arenât letting that hold them back today are listed below. Hereâs why they are charging higher:
Lycopodium Ltd (ASX: LYL)
The Lycopodium share price is up 4% to $6.76. Investors have been buying this engineering company’s shares after it announced the award of contracts worth approximately $40 million. The contracts are for engineering and procurement services and construction management services for Endeavour Miningâs Lafigué Project in the Ivory Coast.
Origin Energy Ltd (ASX: ORG)
The Origin share price is up 35% to $7.87. This has been driven by news that the energy company has received an indicative, conditional, and non-binding proposal from Brookfield Asset Management and MidOcean Energy to acquire it for $9.00 cash per share. This represents a premium of almost 55% to its last close price.
Perpetual Limited (ASX: PPT)
The Perpetual share price is up 11% to $32.32. The catalyst for this is news that the fund manager has received an improved takeover offer from the consortium comprising BPEA Private Equity Fund VIII and Regal Partners. The consortium has lifted its offer by 10% to $33.00 per share. However, Perpetual has rejected the proposal on the belief that its offer âcontinues to materially undervalue the company.â
Sandfire Resources Ltd (ASX: SFR)
The Sandfire share price is up almost 5% to $4.19. This morning the copper miner announced the appointment of highly experienced mining executive Brendan Harris as its new CEO. Sandfire notes that Harris has extensive experience as an exploration geologist and was a senior executive with BHP Group Ltd (ASX: BHP) and South32 Ltd (ASX: S32).
The post Why Lycopodium, Origin, Perpetual, and Sandfire shares are charging higher appeared first on The Motley Fool Australia.
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More reading
- 3 ASX 200 shares shooting the lights out on Thursday
- AGL shares left at the alter amid Originâs new proposal
- Why is the Origin share price rocketing 40%?
- Perpetual share price leaps on boosted takeover bid
- Origin share price on watch amid $18.4b takeover offer
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 no position in any of the stocks mentioned. 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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