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.