It has been a disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down 0.8% to 6,035 points due largely to declines in the telco and resources sectors.
Four shares that have defied the market and charged higher today are listed below. Here's why they are on the rise:
The BWX Ltd (ASX: BWX) share price has rocketed 36% higher to $5.98 after its CEO and CFO teamed up with Bain Capital to launch a $6.60 takeover approach for the personal care products company. Judging by the fact that its share price is still trading at a reasonable discount to the offer price, the market doesn't appear overly certain on a deal being concluded.
The HT&E Ltd (ASX: HT1) share price has charged 6% higher to $2.42 after the outdoor advertising company announced that APN Outdoor Group Limited (ASX: APO) has offered $500 million to acquire its Adshel business. APN Outdoor believes Adshel's Street Furniture business would provide an attractive complement to its existing out-of-home product offering.
The James Hardie Industries plc (ASX: JHX) share price has climbed 4.5% to $23.48 after the release of its fourth quarter and full-year results. According to the release, James Hardie Industries achieved a 12% increase in adjusted group earnings before interest and tax to US$397.5 million for the 12 months ended March 31 2018. The building supplies company also provided positive guidance for FY 2019.
The Yojee Ltd (ASX: YOJ) share price has zoomed 26% higher to 14.5 cents after the logistics and supply chain management platform provider signed a services agreement with Schenker (Asia Pacific). The services agreement will see Schenker (Asia Pacific) pay Yojee a fee to commence a project for the implementation of Yojee's platform into its ecommerce and last mile operations. While it is a positive, I would suggest investors wait to see how things progress.
