Australian shares are trading lower again today, led by the major miners after a shaky night for commodity markets. While the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fallen 0.2% however, these four ASX shares are jumping higher.
Onthehouse Holdings Ltd (ASX: OTH) shares have risen 15.9% today to 80 cents after the online real estate content and services platform received a revised non-binding conditional proposal to acquire the business. The offer comes from a consortium led by Macquarie Group Ltd (ASX: MQG), which offered to pay 75.5 cents per share in December. It's now offering to pay 85 cents per share, although the fact that Onthehouse's share price is still sitting at 80 cents suggests there are some doubts among investors that a deal will actually proceed.
Mesoblast limited (ASX: MSB) shares have risen 5.7%, making them one of the ASX 200's top-performing shares so far today. The biotechnology business has taken investors on something of a rollercoaster ride in recent months where it fell from $3.50 in October to a low of just $1.14 last month. It's now trading back at $2.42 with the potential to deliver significant gains to investors in the long-run, provided it enjoys success with its various medical trials and can continue to rein in costs.
Sirtex Medical Limited (ASX: SRX) is another biotechnology business that has struggled in recent times, despite reporting impressive earnings results. The shares have fallen more than 22% since the beginning of the year but have regained 3.3% to trade at $30.99 a share today. Morgan Stanley initiated coverage on the stock, giving it a price target of $38.18 with an overweight stance which could be behind today's gains, while it's also possible that investors are simply seeing value in the shares at these low prices.
Surfstitch Group Ltd (ASX: SRF) shares have regained 4.7% today to trade at $1.23, after trading as high as $2.13 in November. Indeed, the company's most recent earnings results disappointed investors, prompting a sharp selloff of the group's shares. Although there weren't any market-sensitive announcements made this morning which would explain the rise, it seems likely investors are just buying what seems like a great business at a reasonable price.
