Why these 4 ASX shares climbed higher today

The Appen Ltd (ASX:APX) share price is one of four climbing higher today despite the S&P/ASX 200 (Index:^AXJO) (ASX:XJO) sinking lower…

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It has been a disappointing day for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down 0.7% to 5,970 points due largely to declines in the banking sector.

Four shares that haven’t let this hold them back are listed below. Here’s why they have climbed higher:

The Appen Ltd (ASX: APX) share price has rocketed 24% to $7.24 after emerging from a trading halt. Investors have reacted very positively to the company’s decision to acquire US-based Leapforce for US$80 million. The acquisition is expected to be highly accretive to earnings.

The AWE Limited (ASX: AWE) share price has jumped 19% to 65 cents after the energy company revealed that it has received a 71 cents per share takeover offer from China Energy Reserve and Chemical Group Australia Pty Limited. This looks to be a good offer, in my opinion.

The Freedom Foods Group Ltd (ASX: FNP) share price has climbed 1.5% to $5.05 after the food company provided a positive trading update at its annual general meeting. Thanks to strong demand for its products both locally and internationally, management has upgraded its FY 2018 sales guidance to between $360 million and $380 million. Previous guidance had been for sales in the range of $340 million to $360 million.

The Myer Holdings Ltd (ASX: MYR) share price is up 5.5% to 78 cents despite there being no news out of the struggling retailer. Today’s increase is all the more surprising given news that fellow retailer OrotonGroup Limited (ASX: ORL) has called in the administrators. I would stay clear of Myer.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Appen Ltd. 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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