In afternoon trade the S&P/ASX 200 index is on course to record another decline. At the time of writing the benchmark index is down 0.35% to 6,687.3 points.
Four shares that have not let that hold them back are listed below. Here's why they have stormed higher:
The BINGO Industries Ltd (ASX: BIN) share price is up 5.5% to $2.27. Late on Wednesday the waste management company announced the sale of its Banksmeadow facility to CPE Capital for $50 million. This sale was required in order for the company to gain ACCC support for the acquisition of Dial A Dump Industries. The sale is expected to complete early next month.
The FlexiGroup Limited (ASX: FXL) share price has rocketed 22.5% higher to $2.40. Investors have been fighting to get hold of the financial services company's shares after it provided an update on its buy now pay later platform, humm. Once again, FlexiGroup has added a number of high profile retailers to the platform. These include Mitre 10, Home Timber & Hardware, Hanes Australasia, Dealsdirect.com.au, Zanui, KOOKAÏ, SurfStitch, and Smile Solutions. Management also revealed that so far in FY 2020 total transactions on the humm platform are up 25% year-on-year.
The Monadelphous Group Limited (ASX: MND) share price has climbed 5% to $15.55. The catalyst for this gain has been a broker note out of UBS this morning. According to the note, its analysts have upgraded the engineering company's shares to a buy rating with an $18.15 price target. It made the move largely on valuation grounds after a period of underperformance for its shares.
The Starpharma Holdings Limited (ASX: SPL) share price is up 5.5% to $1.16. The dendrimer products developer's shares have taken off today after it announced that the U.S. Food and Drug Administration has authorised the use of AstraZeneca's DEP Bcl2/xL conjugate AZD0466 in clinical trials under an investigational new drug application. AstraZeneca believes this product has the potential to be a best-in-class agent in this field with a broad combination opportunity in solid and haematological tumours.
