The S&P/ASX 200 index is on course to start the month with a decline after the U.S. Federal Reserve disappointed investors. In afternoon trade the benchmark index is down 0.25% to 6,796.4 points.
Four shares that have not let that hold them back are listed below. Here’s why they have surged higher:
The Nufarm Limited (ASX: NUF) share price is up 3% to $5.03 after announcing the placement of $97.5 million of preference securities to existing shareholder and strategic business partner, Sumitomo Chemical Company. This appears to have offset a trading update which revealed that it expects to report underlying EBITDA of around $420 million in FY 2019. This compares to the previously advised range of $440 million to $470 million and consensus estimates of $436 million.
The Superloop Ltd (ASX: SLC) share price has surged 6% higher to $1.04 after providing its earnings guidance for FY 2020. Late last month the company’s shares were sold off after it withdrew its guidance for FY 2020 of $26 million to $30 million. Its updated guidance is now $14 million to $16 million, excluding infrastructure transactions that are anticipated. This appears to be better than some investors had feared.
The Zip Co Ltd (ASX: Z1P) share price has climbed 3.5% to $3.38 after announcing a partnership with Woolworths Group Ltd (ASX: WOW) subsidiary Big W. The agreement will see Big W offers Zip Co’s buy now pay later service to its customers. The platform is expected to go live with Big W within the first half of FY 2020.
The Wellcom Group Limited (ASX: WLL) share price has rocketed 29% higher to $6.79 after the Australian production and content management company received a $6.70 cash per share takeover approach from South Korean full-service global advertising agency Innocean Worldwide. This represents a 27.6% premium to the last close price and values Wellcom at $265.8 million on a fully diluted equity basis. A final and special dividend are expected to be paid to shareholders, but will not reduce the offer price.
Finally, if you missed out on these gains then don't miss out on these dirt cheap growth shares which have been rated as buys and tipped to race higher.
Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.
Stock #1 is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…
Stock #2 is another high-growth business trading near a 52-week low all while offering a 4.7% grossed-up yield...
Plus 3 more cheap bets that could position you to profit over the next 12 months!
See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.
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 SUPERLOOP FPO and ZIPCOLTD FPO. The Motley Fool Australia has recommended Wellcom Group 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.