The S&P/ASX 200 Index (ASX: XJO) is having a poor session on Tuesday. In afternoon trade, the benchmark index is down 0.3% to 8,703.3 points.
Four ASX shares that are bucking the trend today are listed below. Here's why they are rising:
BlueScope Steel Ltd (ASX: BSL)
The BlueScope Steel share price is up 22% to $29.80. Investors have been buying the steel products manufacturer's shares after it received a takeover offer. A non-binding $30.00 per share offer has been tabled from a consortium comprising SGH Ltd (ASX: SGH) and US-based Steel Dynamics (NASDAQ: STLD). This would see SGH acquire all of BlueScope's shares and then on-sell BlueScope's North American businesses to Steel Dynamics. BlueScope is yet to make a decision on this proposal and is considering the offer.
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up 15% to $3.82. This is despite there being no news out of the counter drone technology company on Tuesday. Though, it is worth noting that drone stocks in the United States charged higher overnight. Investors may believe the US-Venezuela situation could lead to increased demand for counter drone solutions.
Monadelphous Group Ltd (ASX: MND)
The Monadelphous share price is up 2.5% to $27.68. This follows news that the diversified services company has won another contract from BHP Group Ltd (ASX: BHP). Monadelphous has been awarded a $175 million construction contract for BHP's car dumper project located at Finucane Island in Port Hedland. The contract covers major civil, structural, mechanical, piping, and electrical works during a planned shutdown. Monadelphous' managing director, Zoran Bebic, said: "We are pleased to build on our long-standing relationship with BHP and look forward to the safe and reliable execution of the car dumper works, following the successful delivery of the Car Dumper 3 Project at Nelson Point last year."
SGH Ltd
The SGH share price is up 5% to $49.01. This follows news that it has made a non-binding offer to acquire BlueScope Steel. Commenting on the proposal, SGH's managing director and CEO, Ryan Stokes, said: "We believe BlueScope's Australian business is a strong strategic fit for SGH and we have a proven track record of driving performance improvement in domestic industrial businesses. We intend to leverage our disciplined operating model and capital allocation approach to deliver better outcomes for stakeholders."
The post Why BlueScope, DroneShield, Monadelphous, and SGH shares are racing higher today appeared first on The Motley Fool Australia.
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 positions in and has recommended DroneShield. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Steel Dynamics. The Motley Fool Australia has recommended BHP Group. 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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