In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back all of yesterday’s gains and is down a sizeable 0.6% to 6,020.1 points.
Four shares that have defied the market and climbed higher today are listed below. Here’s why they have surged higher:
The APA Group (ASX: APA) share price has rocketed 21% higher to $10.00 after the gas infrastructure and transportation company received a $13 billion cash takeover offer. A Hong Kong-based consortium led by CK Infrastructure Holdings has offered $11.00 for each APA Group share, which was a 33% premium to the last close price. Time will tell whether the FIRB gives the deal its seal of approval.
The Catapult Group International Ltd (ASX: CAT) share price has continued its rise and is up a further 2.5% to $1.28. On Tuesday the sports analytics and wearables company was the subject of a positive broker note out of Morgans. The broker retained its add rating and $1.76 price target on Catapult’s shares after it received accreditation from FIFA. The broker believes this accreditation could make it easier for Catapult to initiate sales discussions with governing bodies and clubs.
The Gage Roads Brewing Co Limited (ASX: GRB) share price has surged 15% higher to 10.5 cents after successfully completing its institutional placement. According to the release, the craft brewery completed a bookbuild and received irrevocable commitments to raise $10 million at an issue price of 8.5 cents per share. The funds will be used to support the acquisition of Matso’s Broome Brewing.
The Gateway Lifestyle Group (ASX: GTY) share price has stormed 14.5% higher to $2.09 after the retirement living company announced the receipt of a non-binding all-cash proposal for all its shares from the Hometown Australia and Hometown American Communities Partnership. The partnership has offered $2.10 cash per share. Management advised that it has commenced a detailed assessment of the proposal and that due diligence access has not yet been granted.