The S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. In late trade, the benchmark index is down 0.65% to 7,306.8 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are charging higher:
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Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price is up 12% to 76.5 cents. Investors have been buying this sales enablement automation platform provider's shares after it received a takeover approach. Bigtincan has received an unsolicited, indicative, conditional and non-binding proposal from SQN Investors to acquire it for $0.80 cash per share. This represents a 17.6% premium to the where the tech share ended yesterday's session.
Bubs Australia Ltd (ASX: BUB)
The Bubs share price is up 3% to 32 cents. This is despite the infant formula company's shares copping a downgrade from Citi this morning. The broker has downgraded Bubs' shares to a hold rating and slashed their price target by over 50% to 32 cents. Citi suspects that the company's US sales are softer than expected.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is up almost 11% to 69.2 cents. This follows a strong rise by the gold price last night. Investors appear to be betting that interest rates won't rise as much as feared, which would be good news for gold. St Barbara isn't the only gold miner rising today. The S&P/ASX All Ordinaries Gold index is up 2.3% this afternoon.
Warrego Energy Ltd (ASX: WGO)
The Warrego Energy share price is up almost 10% to 28.5 cents. Investors have been buying this energy explorer's shares this week after a bidding war broke out for it. Beach Energy Ltd (ASX: BPT) has outbid Hancock Energy's 23 cents per share offer with a bid of 25 cents per share plus any net proceeds received from the sale of Warrego's Spanish assets.
