Here’s why these ASX shares are on form today…
The post Why ARB, Rhythm Biosciences, Sezzle, & Spark shares are storming higher appeared first on The Motley Fool Australia. –
In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.25% to 7,334.5 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are storming higher:
ARB Corporation Limited (ASX: ARB)
The ARB share price is up 8% to $44.68. Investors have been buying the 4×4 parts manufacturer’s shares following the release of a market update. According to the release, ARB achieved a 33.9% increase in unaudited sales revenue to $623 million in FY 2021. Things were even better on the bottom line thanks to margin expansion. The company expects its profit before tax to be within the range of $145 million to $150 million. This will be an increase of 85.5% to 92% on FY 2020’s profit before tax of $78.1 million.
Rhythm Biosciences Ltd (ASX: RHY)
The Rhythm Biosciences share price is up 4% to 88.5 cents. This morning the diagnostics company announced the creation of a wholly owned US domiciled entity, IchorDX. This will enable Rhythm to pursue its international expansion activities for ColoSTAT in one of its largest priority markets. ColoSTAT is intended to be a simple, affordable, minimally invasive and effective blood test for the early detection of bowel cancer. Management notes that the US market represents one of the largest diagnostic markets in the world, with a current addressable market of over 94 million people.
Sezzle Inc (ASX: SZL)
The Sezzle share price has jumped 7% to $8.53. This morning the buy now pay later (BNPL) provider revealed that Discover Financial Services has agreed to invest US$30 million into Sezzle. Discover has 48 million merchant locations and generated US$417 billion in total network volume last year. In addition to the investment, the two parties plan to work on a buy now, pay later network solution on the Discover Global Network.
Spark Infrastructure Group (ASX: SKI)
The Spark share price has stormed 7.5% higher to $2.66 after receiving and then rejecting a takeover approach. This morning the energy network operator revealed that it received a conditional and non-binding indicative proposal from Ontario Teachers’ Pension Plan Board (OTPP) and Kohlberg Kravis Roberts & Co (KKR) of $2.70 cash per share. The Spark Board believes it undervalues the company.
The post Why ARB, Rhythm Biosciences, Sezzle, & Spark shares are storming higher appeared first on The Motley Fool Australia.
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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 recommended ARB Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.