The S&P/ASX 300 (IndexAsx: XKO) (ASX: XKO) fell asleep this afternoon and closed down 1.2% at 5,246.30. Most of the top 20 stocks, which represent around 64% of the whole index, fell today, with banks, resources and energy stocks coming in for heavy selling.
That didn’t stop these five stocks soaring on the market today…
Fortescue Metals Group Limited’s (ASX: FMG) share price jumped 7.9% to $1.99. The beleaguered iron ore miner today responded to speculation that it may be the subject of a takeover or potential investment into the company by a number of Chinese suitors. Fortescue said it is open to commercial discussions, but there was no agreement at this stage. Clearly the market is anticipating a deal will emerge.
Asciano Ltd (ASX: AIO) saw its share price rocket up 7.2% to $8.69, after agreeing to an $8.9 billion takeover offer by Brookfield Infrastructure and several of its partners. The deal values each Asciano share at $9.15, although a special dividend could see the total value increase to $9.54 per share. There’s still a wide gap between the last traded price and potential offer price, suggesting the market is sceptical the deal will go ahead.
Sirtex Medical Limited (ASX: SRX) share price has gained 4.2% to $35.63. The medical company produces and distributes Sir-Spheres, a product designed to tackle liver cancer. Sirtex has produced consistent growth in dose sales and revenues over the past few years, and looks set to continue that run. The company is still recovering from a heavy fall in March this year and could be heading much higher from here – one reason why I penned this article on growth stocks.
Syrah Resources Ltd (ASX: SYR) share price rose 3.6% to $3.16. The graphite miner shares are a bit volatile at the moment, after falling 7.1% last Friday. Syrah is in the process of raising capital to fund its Balama graphite mine in Mozambique, Africa. You could see more volatility in Syrah’s share price in the short-term.
Challenger Ltd (ASX: CGF) share price added 2.5% to $7.08. The diversified financial services company is well known for its retirement products such as annuities and at one stage today its shares were 6% higher. The company today reported a 13% increase in underlying earnings – and you can read the full details here.
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Motley Fool contributor Mike King owns shares in Sirtex Medical. You can follow Mike on Twitter @TMFKinga
The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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