The Australian sharemarket got off to a shaky start and looked set to endure yet another day in the red as investors remain cautious of the situation in Greece.
But despite the initial wobble, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to pick itself up to trade 31 points or 0.6% higher at 5570 points – its highest level in nearly a fortnight. The broader ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) has also rebounded nicely, to trade 0.4% higher for the session.
Here are four stocks that are absolutely smashing the market's returns this morning…
Amcom Telecommunications Limited (ASX: AMM) has lifted an incredible 19% to trade at $2.76 after shareholders overwhelmingly voted in favour of a takeover by Vocus Communications Limited (ASX: VOC) on Monday. Amcom shareholders will receive 0.4614 new Vocus shares for every Amcom share they own as at the record date, allowing them to enjoy the synergies that will be realised by the combined entity.
Netcomm Wireless Ltd (ASX: NTC) is another telecommunications business on the rise today, lifting 12.5% to 72 cents per share. The company upgraded its earnings guidance and expects earnings before interest, tax, depreciation and amortisation (EBITDA) to be approximately $7 million, compared to its prior forecast of 'in excess of $5.2 million'.
Onthehouse Holdings Ltd (ASX: OTH) has rallied 5.5%, extending on yesterday's 9.4% gain to trade at 67.5 cents. On Monday, the company announced that it had completed its strategic review and would divest a part of the business to allow for greater, more focused growth in both segments. Meanwhile, the company also said that it had appointed its new CEO, Chris Meehan, who has been the acting CEO since February.
Insurance Australia Group Ltd (ASX: IAG) has rallied on the news that it has formed a strategic relationship with a major US-listed conglomerate – Warren Buffett's very own Berkshire Hathaway. Berkshire will buy a $500 million stake in the business and Buffett was quoted as saying: "We have worked with IAG for more than 15 years and over that time we've developed a good understanding and respect for their people, what they offer and the way they do business. For us, they are a natural partner with a strong management team and brand presence."
Investors are obviously pleased to have picked up Warren Buffett as an investor, bidding the shares 4.5% higher to $5.82 per share.
