The S&P/ASX 200 index has given back yesterday's gains and is trading notably lower on Thursday. In afternoon trade the benchmark index is down a sizeable 0.65% to 6,709.1 points.
Four shares that have not let that hold them back are listed below. Here's why they are racing higher:
The Charter Hall Group (ASX: CHC) share price is up 4% to $10.94. This morning the property company announced an investment in a new Charter Hall managed partnership that has contracted to acquire a 49% interest in a portfolio of 225 convenience retail properties leased to BP Australia. Charter Hall Group will own a 20% interest in the partnership. Management described the deal as a portfolio enhancing acquisition.
The Lynas Corporation Ltd (ASX: LYC) share price has jumped 13% to $2.44. The catalyst for this appears to be news that the U.S. Army is looking to fund the construction of a rare earths plant for weapons development. Lynas is believed to be forming a joint venture with an American company in the hope of winning the project. The U.S. Army is looking to cover up to two-thirds of the construction costs.
The Think Childcare Ltd (ASX: TNK) share price is up 3.5% to $1.37. This follows news that the Federal Court has made orders approving the scheme of arrangement under which Think Childcare and Think Childcare Development Limited will form a stapled structure. In addition to this, the company confirmed its plan to pay a fully franked special dividend totalling $6 million in aggregate to shareholders.
The Western Areas Ltd (ASX: WSA) share price has pushed 2.5% higher to $2.99. Investors have been buying the nickel producer's shares following a rise in the nickel price overnight. According to CommSec, the nickel price jumped 3.4% to US$13,785.50 a tonne during overnight trade.
