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:
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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.
