After a positive start to the trading day, the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) quickly turned negative and is now trading around 0.59% lower at 5,338 points.
Despite the disappointing turnaround, these four stocks have continued to perform strongly today:
Sky Network Television Ltd (ASX: SKT)
Shares of Sky Network have skyrocketed more than 21% higher this morning after the company announced it would be merging with Vodafone NZ. As detailed here, Sky Network will acquire all of the shares in Vodafone NZ for a total purchase price of NZ$3.4 billion. The combined entity is expected to deliver significant cost, capital expenditure and revenue synergies and at the same time create one of New Zealand's biggest entertainment, media and telecommunications companies. The past 12 months have been difficult for Sky Network as competition from streaming services like Netflix has resulted in falls to its pay-TV subscriber numbers. Investors are clearly in favour of the deal which could help to reverse Sky Network's slowing growth.
Despite today's huge rally, shares of Sky Network have lost around 13% over the past 12 months.
Liquefied Natural Gas Ltd (ASX: LNG)
Shares of LNG have continued on their recent rally to trade 7% higher to $1.10. The shares had actually traded as high as $1.29 in early trade, before the company released an announcement that watered down speculation that it was a takeover target. Amazingly, the shares have more than doubled in price over the last week on the back of significantly higher trading volumes. Investors will no doubt watch this stock very closely over the coming days for further developments.
Despite the massive gains of the last week, shares of LNG have still fallen nearly 70% over the past 12 months.
Lovisa Holdings Ltd (ASX: LOV)
Shares of Lovisa have jumped more than 10% today after the company released a fairly unsurprising investor update. The most important points to come out of today's update for investors were that the company re-affirmed its full year guidance and noted that its expansion into the UK is going as planned. Lovisa shares have been under serious pressure since the company announced a profit downgrade in January this year so investors will be relieved to see the company remains on track to meet its previous guidance.
Shares of Lovisa have fallen by more than 33% over the past 12 months.
Webjet Limited (ASX: WEB)
Following on from a strong day yesterday, shares of Webjet have climbed more than 3.5% today to an all-time high of $7.28. The online travel agent announced yesterday that it would acquire New Zealand-based Online Republic for NZ$85 million. The deal is expected to be immediately earnings per share accretive and will allow Webjet to target additional markets within the travel sector. The company also re-affirmed its previous full year guidance and said it is still experiencing total transaction value (TTV) growth of around 28%.
Shares of Webjet have increased by more than 133% over the past 12 months to make it one of the best performing small-cap shares on the ASX.
