The S&P/ASX 200 Index (ASX: XJO) has had a pretty awful start to the week this Monday. At market close, the ASX 200 is down a nasty 2.10% to 7,248 points. That puts the ASX 200 at roughly 5% below its most recent all-time high of 7,632.8 points that we saw just over a month ago. But one ASX 200 blue-chip sare is bucking the trend today. That would be the Coles Group Ltd (ASX: COL) share price.

Coles shares are defiantly in the green today, swimming against the broader ASX 200 tide. At market close, Coles finished trading at $16.94 a share, up 0.18%.

So why was this company up today in the face of such a nasty market sell off?

Why are investors buying the Coles share price today?

Well, to start things off, we haven’t gotten any major news or announcements from Coles today, so you can rule that out as a possible cause.

However, it’s important to note that investors often turn to consumer staples shares like Coles during times of market stress. This sector has a reputation for being ‘safer’ than most due to the essential nature of the goods Coles and other consumer staples companies sell.

After all, we all need food, drinks and household essentials, rain hail or shine, in good times and bad. Investors know this, and often flock to consumer staples shares like Coles in a climate of fear.

We saw this in action last year during the initial onset of the coronavirus pandemic. Between 22 February and 23 March 2020, the ASX 200 fell roughly 35% peak-to-trough. However, over this same period, the Coles share price actually rose slightly.

We’ve also seen some brokers give a little love to the Coles share price too. As my Fool colleague James covered last week, broker Morgans has recently given Coles shares an ‘add’ rating, with a 2-month share price target of $19.80 a share. That implies a potential future upside of roughly 16% on today’s pricing.

Morgans actually referenced Coles as a “defensive business with strong market positions and a healthy balance sheet”, lending weight to the ‘consumercoles stocks in times of stress’ thesis above. The broker also likes Coles’ future dividend prospects, as well as its FY21 results.

Perhaps this goodwill is also spilling into the company this Monday.

At the current Coles share price, this company has a market capitalisation of $22.68 billion, a price-to-earnings (P/E) ratio of 22.58 and a dividend yield of 3.59%.

The post Why are Coles (ASX:COL) shares defying the ASX 200 selloff today? appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• ASX 200 shares in this sector are withstanding today’s selloff
• Here are 3 of the most popular ASX 200 shares by volume today
• ASX 200 (ASX:XJO) midday update: Transurban acquisition, BHP & Fortescue sink
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor Sebastian Bowen 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 owns shares of and has recommended COLESGROUP DEF SET. 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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Today, the S&P/ASX 200 Index (ASX: XJO) commenced the week with a steep fall. The benchmark index fell 2.1% to 7,248.2 points.

While it was a difficult day for the majority of ASX 200 shares today, there were still some companies that gave investors something to smile about.

The question is: which shares delivered the biggest returns to investors on the ASX today? Here are the ten stocks that rose to the occasion:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Ausnet Services Ltd (ASX: AST) was the biggest gainer today. Shares in the energy company soared 18.69% are receiving a non-binding offer takeover bid. Find out more about Ausnet Services here.

The next biggest gaining ASX share today was Endeavour Group Ltd (ASX: EDV). The liquor retailer’s shares climbed 2.64% to $6.61 despite no announcements from the company. Uncover the latest Endeavour Group details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Ausnet Services Ltd (ASX: AST)	$2.35	18.69%
Endeavour Group Ltd (ASX: EDV)	$6.61	2.64%
Auckland International Airport Ltd (ASX: AIA)	$7.34	1.24%
Healius Ltd (ASX: HLS)	$4.98	0.81%
Steadfast Group Ltd (ASX: SDF)	$4.85	0.62%
Boral Ltd (ASX: BLD)	$6.10	0.49%
Mercury NZ Ltd (ASX: MCY)	$6.44	0.47%
Genesis Energy Ltd (ASX: GNE)	$3.26	0.31%
Coles Group Ltd (ASX: COL)	$16.96	0.30%
Spark New Zealand Ltd (ASX: SPK)	$4.62	0.22%

Our top 10 ASX shares countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

More reading

• ASX 200 shares in this sector are withstanding today’s selloff
• Why Adore Beauty, ALE Property, Ausnet, & Zoom2u shares are charging higher
• Here are 3 of the most popular ASX 200 shares by volume today
• 3 ASX 200 shares holding up amidst today’s market crash
• The Endeavour (ASX:EDV) share price is lifting today

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Steadfast Group Ltd. The Motley Fool Australia owns shares of and has recommended COLESGROUP DEF SET. The Motley Fool Australia has recommended Steadfast Group 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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The Flight Centre Travel Group Ltd (ASX: FLT) share price has finished the day down 2.5%.

But Flight Centre’s share price wasn’t the only one in retreat. The S&P/ASX 200 Index (ASX: XJO) also finished the day 2.1% lower.

It’s now been a bit over 3 weeks since the travel agency released its full 2021 financial year results (FY21).

With investors’ hopes of a looming travel sector reopening despite the resurgent pandemic, we look at a brief review of those results and how the company has been performing since reporting.

What results did the ASX 200 travel share report for FY21?

Flight Centre reported its FY21 results before market open on 26 August.

Some of the core figures it released included a 79% year-on-year decline in total revenue, down to $396 million.

Underlying loss before tax came in at $507 million, largely in line with underlying losses reported in FY20.

The company ended the financial year with a strong balance sheet, reporting a cash balance of $1.36 billion as at 30 June.

Flight Centre did not pay an interim or final dividend during the financial year.

Commenting on the results and the company’s resilience, Flight Centre’s CEO Graham Turner said:

Our priorities have evolved from emergency cost cutting at the beginning of the crisis to maintaining those significantly reduced expenses, while still developing and implementing our technology, improving productivity and finetuning our recovery strategies to drive stronger future returns.

How has the Flight Centre share price performed since reporting results?

Investors appear to have already priced in the company’s COVID-related revenue hit. With management stating they were looking ahead to potentially profitable operations in FY22, the Flight Centre share price finished its reporting day up 4.0%.

Since market open on 26 August, Flight Centre shares are up 10%. By comparison, the ASX 200 is down 4% over that same time.

The post How has the Flight Centre (ASX:FLT) share price performed since reporting results? appeared first on The Motley Fool Australia.

More reading

• These are the 10 most shorted ASX shares
• How have these 3 ASX 200 travel shares performed since reporting results?
• Is it too late to buy Qantas (ASX:QAN) and other ASX travel shares?
• Recovery gaining momentum: Flight Centre (ASX:FLT) boss
• Why the Flight Centre (ASX:FLT) share price is up 20% in a month

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 Flight Centre Travel Group 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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The Zoom2u Technologies Ltd (ASX: Z2U) share price has had a miraculous day.

Shares in the parcel delivery platform stormed more than 19% higher in late afternoon trade today after announcing a new contract.  

Let’s take a look at why investors are flocking to get their hands on shares in Zoom2u.

Telstra deal fuels Zoom2u share price

Shares in Zoom2u rallied late in today’s session after announcing a contract agreement with Telstra Corporation Ltd (ASX: TLS).

As covered by my Foolish colleague earlier, the telco giant is now offering two-hour deliveries in certain areas of Australia.

Telstra has nominated Zoom2u’s platform as the courier partner to deliver products from stores directly to its customers.

The service will begin with 25 participating Telstra stores in Sydney, Melbourne and Brisbane metro.

Zoom2u noted that Telstra is under no obligation to meet any minimum volume or fee commitments and the arrangement is not exclusive.

As a result, Telstra’s use of the company’s courier platform cannot be quantified as it is dependent on delivery volumes.

After opening the day at 70 cents, the Zoom2u share price tanked to hit an intra-day low of 57 cents.

Following the announcement, shares in Zoom2u rallied more than 40% to hit an intra-day high of 80 cents.

More on the Zoom2u share price

Shares in Zoom2u listed on the exchange almost 2 weeks ago via an oversubscribed IPO of 20 cents.

The delivery service company has two key operating businesses that look to capitalise on the increased outsourcing of delivery services.

Zoom2u is the company’s largest segment platform that connects customers with local drivers.

Locate2u is its second business launched in late 2020 that offers customers a software as a service (SaaS) product.

The company currently has a customer base of nearly 70,000 individuals, SMEs, and enterprise customers who are connected to more than 8,600 drivers.

Late last week, Zoom2u made headlines after announcing the signing of its first enterprise customer for its Locate2u platform.

Zoom2u revealed it will provide Amart Furniture and Bing Lee access to its SaaS platform Locate2u for a 24-month term.

At market close, shares in the delivery platform company ended the day 7.46% higher at 72 cents.

Shares in Zoom2u were up more than 19.4% earlier after hitting an intra-day high of 80 cents.

The post Zoom2u (ASX:Z2U) share price soars 19% amid Telstra contract news appeared first on The Motley Fool Australia.

More reading

• Why Adore Beauty, ALE Property, Ausnet, & Zoom2u shares are charging higher
• Why the Telstra (ASX:TLS) share price is outperforming the ASX 200 today
• Top brokers name 3 ASX shares to buy next week
• Brokers name 3 ASX shares to buy today
• These 3 ASX 200 shares are flying around the markets today

Motley Fool contributor Nikhil Gangaram 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 owns shares of and has recommended Telstra Corporation 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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At the start of each week I like to look at ASIC’s short position report to find out which shares are being targeted by short sellers.

This is because I believe it is well worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn’t quite right with a company.

With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:

• Flight Centre Travel Group Ltd (ASX: FLT) is the most shorted ASX shares after its short interest rose week on week to 10.8%. Short sellers are building up their positions despite the travel agent expecting to reach profitability again during FY 2022. They may believe its shares are still overvalued.
• Webjet Limited (ASX: WEB) has short interest of 9.6%, which is down week on week. A recent trading update may have spooked short sellers. That update revealed a significant improvement in the performance of its key WebBeds business.
• Kogan.com Ltd (ASX: KGN) has short interest of 9.2%, which is up week on week. Short sellers don’t appear to believe the ecommerce company’s inventory issues are going away as quickly as the market might hope. The Kogan website continues to offer significant discounts, which could be a sign that this is the case.
• Zip Co Ltd (ASX: Z1P) has seen its short interest remain flat at 9.2%. This high level of short interest may be due to concerns that Zip will have to spend significantly to compete in the BNPL market.
• Electro Optic Systems Hldg Ltd (ASX: EOS) has 8.7% of its shares held short, which is down week on week. This defence and space company’s shares have been targeted due to accounting and cash generation concerns.
• Mesoblast limited (ASX: MSB) has seen its short interest rise again to 8.5%. There are concerns that this biotech company may have to launch yet another capital raising to fund its operations.
• Piedmont Lithium Inc (ASX: PLL) has short interest of 8.2%, which is down week on week. Concerns that the company has yet to get a mining license may be behind this high level of short interest.
• Inghams Group Ltd (ASX: ING) has 8% of its shares held short, which is flat week on week once again. Lockdowns and rising grain costs appear to be weighing on investor sentiment.
• Redbubble Ltd (ASX: RBL) has seen its short interest stay at 7.7%. A severe deceleration in its growth during the fourth quarter of FY 2021 could be the reason for this short interest.
• Cooper Energy Ltd (ASX: COE) has 7.6% of its shares held short, which is down slightly week on week. The poor performance of its Project Sole appears to be weighing on sentiment.

The post These are the 10 most shorted ASX shares appeared first on The Motley Fool Australia.

More reading

• Leading brokers name 3 ASX shares to buy today
• How has the Webjet (ASX:WEB) share price performed since reporting FY21 results?
• Why is the Zip (ASX:Z1P) share price faring so much worse than Afterpay today?
• How have these 3 ASX 200 travel shares performed since reporting results?
• The Kogan (ASX:KGN) share price is down 24% in a month. What’s next?

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 shares of and has recommended Electro Optic Systems Holdings Limited, Kogan.com ltd, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Electro Optic Systems Holdings Limited, Kogan.com ltd, and Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group 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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Unfortunately, the Australian share market has decided to baptise the start of a new week with a bloodbath. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is down 1.99% to 7,262 points.

The index’s disappointing performance follows another abysmal day for iron ore prices. Currently, the steelmaking commodity’s price has fallen below US$92 per tonne. This represents almost a decrease of 34% in September alone. Due to this, many of the big miners in the ASX 200 are down heavily.

Despite the inundation of red, one sector on the market is upholding a partial reminder of what green looks like.

What’s going on with the ASX 200?

Every dog has its day… and today it is the utilities sector. While the sector has woefully underperformed the benchmark index, and every other sector for that matter, today it is shining above the rest.

The market is struggling under the pressure of big falls in the mining sector on Monday.

Some of Australia’s largest ASX-listed companies are down by more than 4% intraday. For example, BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) are down 4.8%, 4.85%, and 4.06% respectively.

Providing utility to investors’ portfolios

For those investors of a few ASX 200 utility shares, the green is still quite sparse. However, there are a handful of companies that are likely leaving shareholders with a smile today. These include:

• Spark Infrastructure Group Ltd (ASX: SKI) up 0.36%
• Mercury NZ Ltd (ASX: MCY) up 1.25%
• Spark New Zealand Ltd (ASX: SPK) up 0.22%
• Genesis Energy Ltd (ASX: GNE) up 0.31%
• Meridian Energy Ltd (ASX: MEZ) up 0.01%
• Ausnet Services Ltd (ASX: AST) up 18.69%

Yes, you read that last one correctly — the decimal spot isn’t in the wrong place. Shares in the Victorian energy supply have rocketed higher after Ausnet received a non-binding offer at $2.50 per share — equating to $9.6 billion in total.

The offer to acquire 100% of issued shares came from Canadian-based Brookfield Asset Management Inc (TSE: BAM.A). Brookfield is known to be one of the world’s largest alternative asset management companies, with an estimated US$626 billion in assets under management.

Clearly, the offer has led to an explosion in the company’s share price. As a result, the entire utility sector has been buoyed by the announcement.

The post ASX 200 shares in this sector are withstanding today’s selloff appeared first on The Motley Fool Australia.

More reading

• Here are 3 of the most popular ASX 200 shares by volume today
• ASX 200 (ASX:XJO) midday update: Transurban acquisition, BHP & Fortescue sink
• 5 things to watch on the ASX 200 on Monday
• These were the best performing ASX 200 (ASX:XJO) shares last week
• These were the worst performing ASX 200 (ASX:XJO) shares last week

Motley Fool contributor Mitchell Lawler 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 Bruce Jackson.

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The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price has fallen off a cliff since 13 August, down 16%.

In comparison, its peers, Bank of Queensland Limited (ASX: BOQ), Commonwealth Bank of Australia (ASX: CBA), and Westpac Banking Corp (ASX: WBC) are down just 4.3%, 3.2%, and 3.3% respectively.

The Bendigo and Adelaide Bank hasn’t released any market sensitive news since its full-year results on 16 August. However, we recap on the company’s latest performance and broker updates.

How did Bendigo and Adelaide Bank perform in FY21?

During last month, Bendigo and Adelaide Bank delivered its FY21 scorecard to the ASX, reporting mostly positive numbers.

Here’s a quick summary of the highlights mentioned in the release:

• Statutory net profit of $524 million, up 172% on the prior corresponding period;
• Cash earnings after tax of $457.2 million, up 51.5%;
• Net interest margin of 2.26%, down 7% basis points;
• Total income on cash basis of $1,702.5 million, up 4.5%
• Total lending of $72.2 billion, up 10.6%;
• Common Equity Tier 1 (CET1) ratio of 9.57%, up 32 basis points;
• Total deposits of $78 billion, up 15.2%; and
• Final fully-franked dividend of 50 cents per share, an increase of the 28 cents declared in H1 FY21.

As a whole, investors appeared unmoved by the company’s latest results, sending its shares sideways until the beginning of September.

Bendigo and Adelaide Bank managing director and CEO, Marnie Baker commented:

These results – supported by a clear vision, purpose and strategy – reinforce our unique position as we look to further capitalise on the ever-expanding opportunities that lie ahead of us.

We continue to accelerate our digital and customer experience transformation to drive above system lending and ongoing customer growth. This investment is combining our human, digital and community strengths to shape future banking for our customers.

What do the brokers think?

Following its results, a number of brokers weighed in on the Bendigo and Adelaide Bank share price.

Multinational investment bank, Goldman Sachs cut its rating by 2.3% to $10.50 for the company’s shares. Credit Suisse had a more bearish outlook, reducing its view by 4.4% to $9.80.

The last broker note came from JPMorgan, in which its analyst raised its assessment on Bendigo and Adelaide Bank shares by 3.1% to $10. Based on the current share price of $9.30, this implies an upside of around 7%.

Bendigo and Adelaide Bank share price snapshot

Over the past 12 months, the Bendigo and Adelaide Bank price has gained more than 50% but is flat year-to-date. Currently, the company’s shares are sitting slightly higher than the middle of its 52-week range of $5.80 to $11.68.

Bendigo and Adelaide Bank commands a market capitalisation of around $5.19 billion and has approximately 556 million shares outstanding.

The post Why is the Bendigo Bank (ASX:BEN) share price suffering more than its peers today? appeared first on The Motley Fool Australia.

More reading

• Could liar loans crash the housing market?
• Is the Bendigo and Adelaide Bank (ASX:BEN) share price in the buy zone?
• Why AMA, Bellevue Gold, Bendigo Bank, & BlueBet shares are falling
• ASX 200 midday update: TechnologyOne hits record high, lithium miners rise
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Aaron Teboneras 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 Bruce Jackson.

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With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

BHP Group Ltd (ASX: BHP)

According to a note out of Macquarie, its analysts have retained their outperform rating and lifted their price target on this mining giant’s shares to $56.00. The broker remains positive on BHP due to the diversity of its operations. It notes that while iron ore prices have tumbled, BHP is still benefiting from strong copper and coal prices. The BHP share price is trading at $37.46 on Monday afternoon.

Orocobre Limited (ASX: ORE)

Another note out of Macquarie reveals that its analysts have retained their outperform rating and lifted their price target on this lithium miner’s shares to $11.80. The broker made the move after upgrading its lithium price forecasts to reflect recent strong rises in China. This has led to an increase in its earnings estimates and valuation for the lithium miner. The Orocobre share price is fetching $8.61 this afternoon.

Webjet Limited (ASX: WEB)

Analysts at UBS have retained their buy rating and lifted their price target on this online travel agent’s shares to $6.85. According to the note, the broker has been looking at the vaccine rollout in Australia and was pleased with the progress that is being made. It feels this is a big positive for travel shares such as Webjet and appears to believe this could be a boost to bookings in the near term. The Webjet share price is trading at $5.81 on Monday afternoon.

The post Leading brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• How has the Webjet (ASX:WEB) share price performed since reporting FY21 results?
• Why Fortescue, Karoon Energy, Nickel Mines, & Orocobre shares are sinking
• Why is the ASX All Ordinaries (ASX:XAO) struggling lately?
• How have these 3 ASX 200 travel shares performed since reporting results?
• ASX 200 (ASX:XJO) midday update: Transurban acquisition, BHP & Fortescue sink

Motley Fool contributor James Mickleboro owns shares of Orocobre 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 owns shares of and has recommended Webjet 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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The Boss Energy Ltd (ASX: BOE) share price is sinking despite no news coming out of the Australian uranium producer.

Boss Energy isn’t alone in its losses. The S&P/ASX 200 Index (ASX: XJO) has fallen at one point more than 2% – or 150 points – today. Additionally, the S&P/ASX 200 Materials Index (ASX: XMJ) is down a whopping 3.6% at the time of writing.

While Boss Energy doesn’t call either index home, it’s suffering alongside its uranium peers that do.

The Boss Energy share price is currently 28.5 cents, 17.39% lower than its previous close.

Let’s take a look at what’s dragging down ASX uranium stocks today.

Why Boss Energy in the ASX red today?

Boss Energy’s shares are plunging lower alongside most of the company’s ASX uranium peers.

As The Motley Fool reported earlier today, ASX uranium shares might be falling in reaction to some of the world’s largest uranium companies struggles on other exchanges on Friday.

Of course, Australia and the ASX wake up and get to trading first. Therefore, by the time global uranium stocks tumbled on Friday, ASX market watchers had likely packed up for the weekend.

Meaning, today was the first chance many ASX investors had to react to the apparently shifted stance on uranium.

Additionally, today’s fall follows an incredible recent gain which saw the Boss Energy share price boosted 150% in a month.

Even with today’s losses, Boss Energy’s stock is still 103% higher than it was 30 days ago.

Boss Energy’s great month came as the price of uranium soared amid a feared shortage of the material.

However, the price of uranium hasn’t fallen today.

That likely means Boss Energy’s stock’s struggles could simply be a rebalancing of the ASX uranium market amid a broader materials slump.

Boss Energy share price snapshot

Boss Energy’s shares are currently 190% higher than they were at the start of 2021.

They are 265% higher than they were this time last year.

The post Why the Boss Energy (ASX:BOE) share price is tanking 18% today appeared first on The Motley Fool Australia.

More reading

• Why ASX uranium shares are diving double-digits on Monday
• Is there a uranium ETF listed on the ASX?
• Boss Energy (ASX:BOE) share price surges 8%, up 90% in a month. Here’s why
• Two exciting ASX uranium shares get big price upgrade by broker
• ASX uranium shares are booming: What’s all the hype about?

Motley Fool contributor Brooke Cooper 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 Bruce Jackson.

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It has been a very disappointing start to the week for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is down 1.95% to 7,259.1 points.

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

Adore Beauty Group Ltd (ASX: ABY)

The Adore Beauty share price is up 3% to $4.55. This appears to have been driven by a broker note out of Jarden this morning. According to the note, the broker has put a buy rating and $5.70 price target on its shares. Jarden believes the online beauty retailer could double its sales in the next five years thanks to the shift online.

ALE Property Group (ASX: LEP)

The ALE Property share price has jumped over 20% to $5.66. Investors have been buying the company’s shares after it received a takeover approach. The offer from Charter Hall Long WALE REIT (ASX: CLW) and Hostplus values the company at $5.683 per share. If it completes, shareholders will receive $3.673 cash along with 0.408 Charter Hall shares for each ALE Property share they hold.

Ausnet Services Ltd (ASX: AST)

The Ausnet Services share price is up almost 19% to $2.35. This follows news that the electricity distributor has also received a takeover approach. According to the release, Brookfield Asset Management has made a non-binding offer to acquire the company for $2.50 per share. This is a 26% premium to Ausnet’s closing price of $1.98 on Friday. Ausnet has decided to provide Brookfield with the opportunity to conduct due diligence.

Zoom2u Technologies Ltd (ASX: Z2U)

The Zoom2u share price is up 15% to 77 cents. This is quite the turnaround for the delivery services company’s shares. This morning Telstra Corporation Ltd (ASX: TLS) revealed that it would be using Zoom2u for a new two-hour delivery offering. However, it appears as though many investors missed the news initially, as the Zoom2u share price was down 12% when I first reported on the deal.

The post Why Adore Beauty, ALE Property, Ausnet, & Zoom2u shares are charging higher appeared first on The Motley Fool Australia.

More reading

• 3 ASX 200 shares holding up amidst today’s market crash
• Which ASX 300 shares are leading the way on Monday?
• Why the Telstra (ASX:TLS) share price is outperforming the ASX 200 today
• ASX 200 (ASX:XJO) midday update: Transurban acquisition, BHP & Fortescue sink
• Why the ALE Property (ASX:LEP) share price is rocketing 21% today

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 recommended 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.

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