In afternoon trade the S&P/ASX 200 index is on course to record a disappointing decline. At the time of writing the benchmark index is down 0.8% to 6,542.8 points.
Four shares that haven't let that hold them back are listed below. Here's why they have surged higher today:
The Cleanaway Waste Management Ltd (ASX: CWY) share price is up almost 6% to $2.03. Investors have responded positively to news that the waste management company has been the successful bidder for the assets of the SKM Recycling Group. Cleanaway will acquire the properties, plant and equipment, and certain other assets of SKM for approximately $66 million. Management advised that the deal provides the company with the infrastructure to capitalise on growth opportunities.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price has rocketed 40% to $39.36. At one stage the biopharmaceutical company's shares were as much as 50% higher this morning. The catalyst for this was news that the U.S. FDA has approved its SCENESSE product for the treatment of Erythropoietic protoporphyria (EPP). Until today, there was no approved treatment for the rare metabolic disorder in the United States.
The Saracen Mineral Holdings Limited (ASX: SAR) share price has climbed almost 5% to $3.75 after the gold price stormed higher overnight. Concerns over the trade war sent U.S. stocks sharply lower, leading to increased demand for safe haven assets such as gold. It isn't only Saracen on the rise today, in afternoon trade the S&P/ASX All Ords Gold index is up almost 2%.
The SeaLink Travel Group Ltd (ASX: SLK) share price has surged almost 19% higher to $4.63. This morning the travel company's shares returned from their trading halt after successfully completing a fully underwritten institutional placement and institutional entitlement offer. These funds were raised to acquire Transit Systems Group for an enterprise value of $635 million. Management believes the acquisition will be transformational.
