In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has just managed to keep its head above water and is up a fraction to 6,046 points.
Four shares that have not let that hold them back are listed below. Here's why they are storming higher today:
The Cochlear Limited (ASX: COH) share price has climbed 3% higher to $197.61 after the hearing solutions company announced the next phase in its long term research and development program towards a totally implantable cochlear implant. Management revealed that it has commenced a clinical feasibility study to evaluate the technology. Though it has warned that the exciting piece of technology isn't expected to be ready for a commercial launch for a number of years.
The Greencross Limited (ASX: GXL) share price has zoomed 17% higher to $4.84 after confirming that it has received and is engaging with a number of parties regarding takeover proposals. Management advised that the proposals are to be kept confidential and there is no certainty that any proposal will result in a transaction. As one of the most shorted shares on the ASX, this news will be a big blow to short sellers.
The Navitas Limited (ASX: NVT) share price has rocketed 22% higher to $5.31 after announcing that it has received an unsolicited, preliminary, conditional, and non-binding takeover proposal. Unlike Greencross, the education services provider has shared the details of the approach. According to the release, the BGH Consortium has offered $5.50 per share in cash. This is a 26% premium to the last close price.
The NEXTDC Ltd (ASX: NXT) share price has risen a further 4% to $6.54. The data centre operator's shares have been on the rise since it announced plans to acquire its landlord Asia Pacific Data Centre Group (ASX: AJD). One broker that appears to like the plan is UBS. It has retained its buy rating and $9.30 price target on the company's shares.
