The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has closed down 1.5%, as falls on overseas markets spooked local investors and our big four banks and resources companies were heavily sold off.
But despite the market fall, several companies saw their share prices rise. Here's our pick of some of the best performers…
MMA Offshore Ltd (ASX: MRM) saw its share price soar 8.3% to 26 cents, but investors will still be unhappy with the performance of the marine services company. The share price has crashed down 84% over the past 12 months, as lower oil prices took a toll on deep sea oil & gas exploration, resulting in lower hire rates and significantly lower utilisation rates.
Still, directors have been buying shares recently, suggesting that the selloff has been overdone. With $779 million in net assets – including more than $1 billion in property, plant and equipment – and a market cap of just $183 million, the current share price does look cheap.
iCar Asia Ltd (ASX: ICQ) gained 5.2% to $1.02, and shares are now up 21% in the past month. iCar Asia is often referred to as the Carsales of Asia, and, in fact, Carsales.Com Ltd (ASX: CRZ) owns 20% of iCar. The lift in share price may be due to REA Group Ltd's (ASX: REA) recent bid for its Asian 'equivalent' iProperty Group Ltd (ASX: IPP), with investors expecting Carsales to make a bid for iCar at some stage.
Lovisa Holdings Ltd (ASX: LOV) climbed 5.1% to $3.31. The jewellery and accessories retailer has seen its share rise 42% so far this year, substantially trouncing the index. That comes on the back of a 27% increase in revenues last financial year, and thrashing its prospectus forecast for net profit. At current prices, Lovisa doesn't look overly expensive.
G8 Education Ltd (ASX: GEM) added 4.7% to $3.57. Yesterday the company announced the acquisition of a further 13 childcare centres, adding 1,000 more places to the Australian childcare portfolio. The price paid (4.1 times expected earnings) appears to be in line with what management say they want to pay.
