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 0.75% to 7,079.2 points.
Four shares that have not let that hold them back are listed below. Here’s why they are pushing higher:
The Cann Group Ltd (ASX: CAN) share price has surged 10% higher to $1.49. This is despite there being no news out of the cannabis company this week. However, its shares have been particularly volatile in recent days and have swung wildly. The bulls and bears appear to be battling for control.
The National Storage REIT (ASX: NSR) share price has jumped 8.5% higher to $2.24. This morning the self-storage focused real estate investment trust confirmed that it has received a takeover approach. A confidential non-binding indicative proposal from Gaw Capital Partners is currently under consideration. However, management warned that there is no certainty that the discussions will lead to a final recommended offer.
The Webjet Limited (ASX: WEB) share price is up 4% to $14.22. The catalyst for this gain has been reports that the online travel agent is about to receive a takeover approach of its own. Private equity firms KKR, BGH Capital and Pacific Equity Partners are believed to be interested in acquiring Webjet. It has not responded to the latest speculation.
The Whispir Ltd (ASX: WSP) share price has stormed 9% higher to $1.59. This follows the release of the communications management provider’s quarterly update. During the December quarter Whispir reported average revenue recurring (ARR) of $36.7 million. This was a 6.4% increase on the previous quarter and up 16.5% since the end of June. Whispir also reported a 36.5% jump in customer cash receipts over the prior corresponding period to $10.1 million. Increased platform usage and an improved collection performance were behind this strong growth.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended National Storage REIT, Webjet Ltd., and Whispir 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.