In afternoon trade the S&P/ASX 200 index is facing its third selloff in as many days. At the time of writing the benchmark index is down 2.2% to 6,713.4 points.
Four shares that have avoided the market selloff today are listed below. Here’s why they are racing higher:
The Healius Ltd (ASX: HLS) share price has surged 16% higher to $3.20 after revealing that it has received a takeover approach. Late on Tuesday the healthcare company confirmed that it has received an unsolicited, non-binding, indicative proposal from Partners Group to acquire it for $3.40 per share. This values Healius at $2.1 billion.
The InvoCare Limited (ASX: IVC) share price has stormed 9% higher to $13.92. This follows the release of its full year results this morning which revealed strong profit and dividend growth in FY 2019. Solid sales growth and operational efficiencies led to the funerals company reporting a 19.6% increase in operating earnings to $59.2 million. This allowed the InvoCare board to declare a final fully franked dividend of 23.5 cents per share. Which brought its full year dividend to 41 cents per share fully franked.
The Nine Entertainment Co Holdings Ltd (ASX: NEC) share price has raced 7.5% higher to $1.74. Investors have been buying the entertainment company’s shares following the release of its half year results. Nine posted revenue of $1.18 billion and reported group EBITDA of $251 million. This was a 2% and 1% decline, respectively, on the prior corresponding period, which was was better than the market was expecting.
The SeaLink Travel Group Ltd (ASX: SLK) share price has jumped almost 8% to $4.18 following the release of its half year results. For the six months ended December 31, the travel company reported revenue of $132.9 million and an underlying net profit after tax of $13.6 million. This represents a 4.6% and 3.8% increase, respectively, over the prior corresponding period. The main driver of its growth was its Captain Cook Cruises businesses in New South Wales and Western Australia, which delivered a significant increase in EBITDA.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended InvoCare Limited and Nine Entertainment Co. Holdings Limited. 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.