It has been a very disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down almost 1% to 6,233 points due partly to heavy declines in the materials sector.
Four shares that have defied the market and pushed higher today are listed below. Here's why they have climbed higher:
The Bionomics Ltd (ASX: BNO) share price has jumped 10.5% to 52 cents. Yesterday the clinical stage biopharmaceutical company announced that it is holding an event next week where it will provide an update on its recent pipeline progress, including the ongoing phase 2 study of its BNC 210 drug in PTSD. Investors may be optimistic that the company shares some positive details around the very promising and potentially lucrative BNC 210 product.
The Investa Office Fund (ASX: IOF) share price has climbed 2.5% to $5.45 after it advised that it has received another takeover approach. According to the release, the property fund has received an unsolicited, non-binding, indicative and conditional proposal from Oxford Properties Group to acquire 100% of its shares for a cash price of $5.50 per share. This is 15.15 cents per share more than the $5.3485 offered by Blackstone. According to the AFR, Blackstone has threatened to withdraw its offer if the company seeks time to consider the Oxford Properties approach.
The Starpharma Holdings Limited (ASX: SPL) share price has pushed 3.5% higher to $1.29 after announcing that its proprietary DEP irinotecan development candidate showed significant efficacy and safety benefits over standard irinotecan in combination with 5-FU in a mouse xenograft model of human pancreatic cancer.
The Wellcom Group Limited (ASX: WLL) share price is up 3% to $5.07. Today's gain appears to be a delayed reaction to the company announcing its acquisition of BrandSystems International for $4 million. The creative production and marketing services company expects the acquisition to be earnings per share accretive in FY 2019.
