In afternoon trade the S&P/ASX 200 index is on course to record another disappointing decline. At the time of writing the benchmark index is down over 2% to 6,504.1 points.
Four shares that have not let that hold them back today are listed below. Here's why they have surged higher:
The 4DS Memory Ltd (ASX: 4DS) share price has rocketed 23.5% higher to 8.4 cents. This morning the semiconductor company revealed that it has completed the analysis of the fourth iteration of its 300mm wafers. These results affirmed, and further enhanced, 4DS' understanding of the process conditions required to reproduce its memory on state-of-the-art production equipment with the characteristics required for stand-alone Storage Class Memory.
The AMA Group Ltd (ASX: AMA) share price has stormed 8.5% higher to $1.32. Investors have been buying the smash repair company's shares after it completed its institutional placement and the institutional component of its entitlement offer. These funds are being raised to acquire the Capital S.M.A.R.T Group business from Suncorp (ASX: SUN) for an enterprise value of $420 million. Management expects the transaction to be double digit EPS accretive in the first full year of ownership.
The Northern Star Resources Ltd (ASX: NST) share price is up 4.5% to $11.79. Investors have been buying the gold miners and other safe haven assets today following the market's mini meltdown. It isn't just Northern Star that is climbing higher. At the time of writing the S&P/ASX All Ords Gold index is trading a sizeable 3.2% higher for the day.
The Webster Limited (ASX: WBA) share price has jumped a massive 51% to $1.92. The catalyst for this was news that Webster has entered into a binding scheme implementation agreement with one of Canada's largest pension investment managers, PSP Investments. Under the scheme implementation agreement, PSP will acquire all of the ordinary shares in Webster that it does not already own for a cash price of $2.00 per share by way of a Court-approved scheme of arrangement. This is a 57% premium to the last close price and a 60% premium to the 30-day volume weighted average price.
