The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from heavy early declines but is still 0.1% lower at 5,843.9 points in afternoon trade.
Four shares that have not let that hold them back are listed below. Here’s why they are starting the week with a bang:
The Greencross Limited (ASX: GXL) share price has zoomed 18% higher to $5.37 after the integrated pet care company confirmed that it has entered into a scheme implementation agreement with TPG Capital. The private equity group has offered $5.55 per share, less any dividends paid by the company between now and closing. Greencross intends to pay a fully franked dividend of up to $0.21 before the takeover is completed.
The Kidman Resources Ltd (ASX: KDR) share price is up a further 3.5% to $1.38. The lithium miner’s shares have been strong performers over the last few trading sessions thanks to news that it has signed an offtake agreement with Mitsui. This complements its existing offtake agreement with Tesla. In addition to this, investor sentiment in the industry appears to have improved after recent quarterly updates.
The Kogan.com Ltd (ASX: KGN) share price is up almost 3.5% to $2.80. The ecommerce company’s shares have been hammered over the last seven days after its trading update fell well short of expectations. Despite today’s gain, Kogan’s shares are still down 72% since peaking at $10.00 earlier this year. Some investors appear to believe this selloff has been overdone and are swooping in today.
The Xero Limited (ASX: XRO) share price has risen 2% to $41.74. The accounting software company’s shares were given a boost this morning by a broker note out of Ord Minnett. According to the note, the broker has upgraded Xero’s shares to a buy rating with a $48.00 price target ahead of its first half results release later this week.
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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 Greencross Limited. The Motley Fool Australia owns shares of Xero. The Motley Fool Australia has recommended Kogan.com ltd. 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.