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Why Dulux, Helloworld, LiveTiles, & Megaport shares stormed higher today

business share price

In afternoon trade the S&P/ASX 200 Index has failed to follow the lead of U.S. markets and dropped lower. At the time of writing the benchmark index is down 0.25% to 6,262.3 points.

Four shares that have not let that hold them back are listed below. Here’s why they stormed higher today:

The DuluxGroup Ltd (ASX: DLX) share price has rocketed 27% higher to $9.75 after the paint products company’s board unanimously recommended a $9.80 cash per share takeover offer from Japan’s Nippon Paint. Management believes the takeover would provide increased opportunity for Dulux to pursue its growth ambitions, leveraging Nippon’s global scale and resources to realise significant synergies for the combined entity.

The Helloworld Travel Ltd (ASX: HLO) share price has stormed 10.5% higher to $4.57 after the integrated travel company provided a trading update. For the nine months to March 31, total transaction value (TTV) was $4.71 billion and revenue was $260.5 million. This was an 8.8% and 8% increase, respectively, on the prior corresponding period. This strong performance allowed management to reconfirm its full year EBITDA guidance of $76 million to $80 million.

The LiveTiles Ltd (ASX: LVT) share price is up almost 3% to 57.5 cents after announcing a partnership with Oxford University-backed Zegami to launch the world’s first enterprise-grade, visual search, and analytics solution. The partnership will see Zegami’s technology integrated into LiveTiles’ Intelligent Workplace Platform, providing a big data analysis solution for existing and future enterprise customers. Management believes the solution will lead to larger sales opportunities across a number of industries where big data analysis is in high demand.

The Megaport Ltd (ASX: MP1) share price has zoomed 8.5% higher to $5.33 after the provider of elastic interconnection services across data centres globally provided its third quarter global update. That update revealed that Megaport has had another quarter of strong growth with a 7% increase in customer numbers to 1,367 and an 8% quarter on quarter lift in revenue to $8.96 million. The company finished the period with its Monthly Recurring Revenue (MRR) 15% higher at $3.11 million.

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Returns as of 6th October 2020

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Helloworld Limited and MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. 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.

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