In afternoon trade the S&P/ASX 200 index looks set to record its second consecutive sizeable decline. At the time of writing the benchmark index is down 1.6% to 6,603.8 points.
Four shares that have not let that hold them back today are listed below. Here’s why they are storming higher:
The Adairs Ltd (ASX: ADH) share price has rocketed 18% higher to $2.10. Investors have been buying the homewares company’s shares after it announced a major acquisition. Adairs has entered into a binding agreement to acquire all of the shares of Mocka Limited for a notional initial enterprise value of ~NZ$80 million (A$75.5 million). Mocka is an online retailer of home and living products operating in both Australia and New Zealand. The acquisition is expected to be highly accretive to earnings.
The Gold Road Resources Ltd (ASX: GOR) share price is up 8% to $1.17. This follows the gold miner’s mineral resource update for its Gilmour and Renegade assets this morning. That update revealed a maiden estimate of 297,600 ounces at an A$1,850 per ounce gold price assumption.
The oOh!Media Ltd (ASX: OML) share price has stormed 19% higher to $3.57. Investors have been buying the outdoor advertising and media company’s shares after it upgraded its FY 2019 earnings guidance. After the market close on Tuesday, oOh!Media revealed that it expects FY 2019 EBITDA in the range of $138 million to $143 million. This compares to its previous guidance of $125 million to $135 million. Improved bookings for September and the fourth quarter were behind the upgrade.
The THC Global Group Ltd (ASX: THC) share price has jumped 9.5% to 40.5 cents. This morning the cannabis company revealed that it has completed the first farm-to-pharma processing of medicinal cannabis at its Southport Facility. The Southport Facility is the largest pharmaceutical bio-floral extraction facility in the southern hemisphere and is licensed and permitted to process medicinal cannabis.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended oOh!Media Ltd. 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.
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