The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is having a bit of an off day on Tuesday. In afternoon trade the benchmark index is down 0.3% to 6,117 points.
Four shares that have defied the market and pushed higher today are listed below. Here’s why they have surged higher:
The Afterpay Touch Group Ltd (ASX: APT) share price has jumped 8% to $7.50 after the payment solutions company announced that it has launched into the U.S. market. Fashion retail group Urban Outfitters has been named as a launch partner alongside Australian retailers with a U.S. presence such as Lorna Jane, Cotton On, and Showpo. I’m looking forward to seeing how well received the Afterpay platform is in the United States.
The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has surged 7% to $2.87 after the release of an update on the independent review of asset valuations. As a result of these reviews, certain Student Accommodation assets and private equity assets have reduced in value. These asset revaluations are expected to lower Blue Sky’s net profit after tax for the year by approximately $7 million.
The EML Payments Ltd (ASX: EML) share price has climbed 9% to $1.32 despite there being no news out of the fintech company. Its shares are likely to be surging higher on news that the U.S. Supreme Court has overturned a federal ban on sports betting, paving the way for states to legalise it. EML Payments generates sizeable revenues from the sports betting market, making this a big positive for the company.
The Link Administration Holdings Ltd (ASX: LNK) share price has pushed 5.5% higher to $7.17 after providing an update on the expected impact of legislative changes in superannuation. According to the release, Link estimates the changes could impact revenue by as much as $55 million. The market appears to have been expecting far worse.
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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 AFTERPAY T FPO and Emerchants Limited. 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 Scott Phillips.