It has been yet another disappointing day of trade for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). At the time of writing the index is down 0.5% to 6,144.4 points.
Four shares that have defied the market and pushed higher today are listed below. Here’s why they are posting strong gains:
The Argosy Minerals Limited (ASX: AGY) share price has rocketed 24% higher to 25.5 cents. This morning the lithium company advised that a key strategic component of the principal Stage 1 milestone has been achieved. This related to a successful and scalable chemical process solution to produce battery quality lithium carbonate (LCE) product being achieved. Management will now prepare representative customer samples to be provided to its preferred potential off-take party.
The Centuria Industrial REIT (ASX: CIP) share price has surged 10% higher to $2.99 after receiving an indicative, non-binding, and conditional proposal from Propertylink Group (ASX: PLG). According to the release, titled Project Cinderella, Propertylink has offered a mix of scrip and cash with an implied value of $3.04 per Centuria Industrial REIT unit. This values the equity of the REIT at $755 million. Centuria Property Funds No. 2 Limited has formed an Independent Board Committee to consider the proposal.
The Myer Holdings Ltd (ASX: MYR) share price has stormed a remarkable 25% higher to 52 cents. News that UBS had taken its sell rating off Myer’s shares could have been a catalyst for this rise. The broker rates Myer as neutral with a 41 cents price target. In addition to this, news that CEO John King picked up 100,000 Myer shares through an on-market trade this morning may have improved investor sentiment.
The Zip Co Ltd (ASX: Z1P) share price has jumped 6% higher to $1.09 after announcing a partnership with Wesfarmers Ltd (ASX: WES) subsidiary Target Australia to offer Zip interest-free payments to its customers. The company expects the Zip platform to be live throughout the Target network by mid-October.
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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 Wesfarmers 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.