In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. market and dropped lower. At the time of writing the benchmark index is down 0.25% to 6,574.8 points.
Four shares that have not let that hold them back are listed below. Here’s why they have stormed higher:
The Challenger Ltd (ASX: CGF) share price has stormed 6% higher to $6.89 after investors responded positively to the annuities company’s full year results. In FY 2019 Challenger reported normalised net profit before tax of $548 million. This was an increase of $1 million on FY 2018’s result and means the company achieved its guidance for the bottom end of the $545 million to $565 million range. It also held firm with its previously announced FY 2020 guidance.
The Fortescue Metals Group Limited (ASX: FMG) share price has climbed almost 3% to $7.16 after iron ore prices rebounded overnight. According to CommSec, the benchmark iron ore price rose 1.5% to US$93.61 a tonne. Investors appear optimistic that this is the end of the steel making ingredient’s losing streak.
The Johns Lyng Group Ltd (ASX: JLG) share price is up 5% to $1.63 after the integrated building services group announced that it has acquired a controlling equity interest in the Sydney based Bright & Duggan Group. The acquisition of the leading Strata and Facilities Management business is expected to be earnings accretive and is forecast to contribute revenue in the order of $31 million and EBITDA of approximately $4.5 million in FY 2020.
The Perseus Mining Limited (ASX: PRU) share price has charged almost 5% higher to 86.5 cents after the gold price rose strongly overnight. Global economic growth concerns sent the spot gold price up more than 1% during overnight trade. At present it is up 0.65% to US$1,527.10 an ounce and close to a fresh six-year high. The S&P/ASX All Ords Gold index is up 0.8% this afternoon.
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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 Challenger 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.