In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to end its winning streak. At the time of writing the benchmark index is down 0.5% to 5,863 points.
Four shares that have not let that hold them back are listed below. Here's why they have surged higher today:
The MOD Resources Ltd (ASX: MOD) share price has rocketed 50% higher to 33 cents. This morning the copper miner responded to a takeover offer from Sandfire Resources NL (ASX: SFR) and announced a successful $15 million capital raise. In response to the takeover offer, MOD Resources said the initial 38 cents per share offer was insufficient but it would be willing to engage with Sandfire if a compelling offer is made.
The Mayne Pharma Group Ltd (ASX: MYX) share price has climbed 4% higher to 84.7 cents after being the subject of a positive broker note out of Citi. According to the note, the broker has initiated coverage on the pharmaceutical company with a buy rating and 95 cents price target. This price target implies further upside of over 12% even after today's gain.
The Super Retail Group Ltd (ASX: SUL) share price is up 3% to $7.10 after the retail group announced that it has found the successor to CEO Peter Birtles. Super Retail advised that after a global search it has promoted the managing director of its Outdoor Retailing business, Anthony Heraghty, to the top job.
The Syrah Resources Ltd (ASX: SYR) share price has stormed 5% higher to $2.03. The graphite miner's shares have been on fire over the last 30 days and climbed a massive 46% thanks to a series of positive developments. Considering Syrah has been one of the most shorted shares on the ASX for some time, I wouldn't be surprised if some of this gain is attributable to short sellers buying back shares to close positions.
