In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its disappointing run and is down a further 1.1% to 6,162.4 points.
Four shares that have managed to defy the market and push higher today are listed below. Here’s why they are on the rise:
The Investa Office Fund (ASX: IOF) share price has climbed 1.5% to $5.52 after the property group advised that private equity group Blackstone has come back with an improved takeover offer. According to the release, Blackstone has upped its bid from $5.3485 to $5.52 per IOF unit (less distributions). This follows the receipt of a competing bid from Oxford Properties of $5.50 per unit earlier this week.
The Myer Holdings Ltd (ASX: MYR) share price is up almost 3% to 45.7 cents. This week’s high level of market volatility appears to have led some investors to rotate out of high PE shares and into those that have been beaten down like Myer. Alternatively, some investors may be anticipating a better than expected result from the department store operator when it releases its full year results next Wednesday.
The Sandfire Resources NL (ASX: SFR) share price has risen 2% to $6.88 thanks to a rebound in the copper price. According to Reuters, the copper price has climbed for the second day in a row thanks to a spot of weakness in the U.S. dollar. Copper prices have pushed higher on the London Metal Exchange and in Shanghai.
The Telstra Corporation Ltd (ASX: TLS) share price is almost 3.5% higher at $3.12 after the telco giant released an update to its FY 2019 guidance. Due to lower activations by the NBN in FY 2019, Telstra has downgraded its full year income guidance by $300 million. However, management expects the NBN delays to be financially positive for the company over the full rollout due to the effects of its natural hedge.
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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 and has recommended Telstra 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.