The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has recovered from its morning declines and is flat at 6,243.6 points in afternoon trade.
Four shares that have pushed higher today are listed below. Here’s why they are on the rise:
The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has climbed almost 8% higher to $1.81 after responding to media speculation. This morning the embattled asset manager advised that it is in discussions with Oaktree Capital Management in relation to a possible investment in Blue Sky’s business. Management has warned that discussions are subject to negotiation and due diligence and there is no certainty they will result in a transaction.
The Fairfax Media Limited (ASX: FXJ) share price has surged 10% higher to 84.7 cents after agreeing to merge with fellow media company Nine Entertainment Co Holdings Ltd (ASX: NEC). Subject to approval, Nine will acquire Fairfax for a consideration of 93.9 cents per share in a mixture of shares and cash. This was a premium of almost 22% on the last close price of Fairfax shares. Nine’s shares have sunk lower by almost 8.5% today.
The Kogan.com Ltd (ASX: KGN) share price has rebounded from a series of heavy declines with a 5.5% move higher to $5.48. Bargain hunters appear to be swooping in after the ecommerce company’s shares fell 22% in the space of two days following the release of a trading update. One broker that felt this was a buying opportunity was UBS. Yesterday the broker named Kogan as a buy with a massive $9.55 price target.
The Newcrest Mining Limited (ASX: NCM) share price has raced almost 5% higher to $20.96 following the release of the gold miner’s final quarter update. Investors appear to have responded positively to Newcrest’s strong final quarter production at Lihir and Cadia. The latter looks to have moved past production issues caused by a collapsed tailings dam wall earlier this year.