The S&P/ASX 200 index has come under pressure on Tuesday and is sinking notably lower. In afternoon trade the benchmark index is down 1.35% to 6,994.2 points.
Four shares that have not let that stop them from climbing higher are listed below. Here's why they are pushing higher:
The Class Ltd (ASX: CL1) share price has jumped 8% higher to $2.04. This morning the SMSF platform provider announced the acquisition of NowInfinity for a maximum enterprise value of $25 million. NowInfinity is a leading corporate compliance and documentation technology company. The transaction is expected to be earnings per share accretive in FY 2021. Class also released its latest quarterly update as well this morning.
The Electro Optic Systems Hldg Ltd (ASX: EOS) share price has surged 5.5% higher to $10.40. This morning the company announced that it has executed an agreement to acquire all of the business and assets of Audacy Corporation. Audacy is a space communications company based in the United States. Electro Optic Systems will outlay approximately A$10 million in cash for the acquisition. This includes substantial costs associated with securing mandatory U.S. government spectrum licenses and other acquisition costs.
The PolyNovo Ltd (ASX: PNV) share price is up 2% to $2.89 following an update on its UK and Ireland operations. According to the release, PolyNovo's NovoSorb BTM product has been applied to the first two patients in the UK. One patient was treated for Necrotising Fasciitis in an English NHS hospital. A second patient was treated for a scalp defect. Several other NHS hospitals are in the process of selecting patients for surgeries.
The Saracen Mineral Holdings Limited (ASX: SAR) share price has jumped almost 4% to $3.88. As well as getting a boost from increasing demand for safe haven assets, investors have responded positively to its quarterly update. Saracen reported record quarterly gold production of 120,127 ounces (oz) for the period ended 31 December 2019. It also advised that its production outlook for FY 2020 and FY 2021 is more than 500,000 ounces and 600,000 ounces, respectively.
