The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and has edged lower in afternoon trade. At the time of writing the index is down slightly to 6,091.3 points.
Four shares that haven’t let that hold them back are listed below. Here’s why they are surging higher:
The Challenger Ltd (ASX: CGF) share price has climbed almost 5% to $12.47. This morning the annuities company welcomed reforms included in the Federal Budget that will transform the retirement phase of superannuation. In addition to this, a note out of Citi reveals that its analysts have upgraded Challenger to a buy rating with a $13.60 price target.
The Clean TeQ Holdings Limited (ASX: CLQ) share price has jumped 8.5% to $1.09. The market appears to have responded positively to news that non-executive director Stefanie Loader has picked up 50,000 shares through an on-market purchase this week. Last week the cobalt-focused mineral exploration company’s shares rose strongly after it provided a positive update on the progress it is making at its Sunrise Project.
The Reece Ltd (ASX: REH) share price has rocketed 14% higher to $12.26 after successfully completing its institutional placement and entitlement offer to raise $248 million. The funds will be used to support the transformational acquisition of U.S. plumbing equipment distributor MORSCO for $1.9 billion. The funds were raised at $10.20 per share. I think this has been a great move by management.
The WiseTech Global Ltd (ASX: WTC) share price is up 5.5% to $12.71. The logistic platform provider’s shares have been on fire in May and have now risen 16%. A broker note out of Citi this week may have been the catalyst for this push higher. Its analysts upgraded WiseTech Global’s shares to a buy rating with a $14.12 price target. This could mean there’s still plenty more upside for its share price despite this strong run.