The S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is on course to record a disappointing decline. In afternoon trade the benchmark index is down 2.4% to 5,130.7 points.
Four shares that have not let that hold them back today are listed below. Here's why they are storming higher:
The IDP Education Ltd (ASX: IEL) share price is rocketing 25% higher to $14.46. This morning the student placement and language testing company successfully completed a $225 million placement to institutional investors. This was higher than the $175 million it was originally aiming to raise. Management advised that this was due to significant demand from domestic and global investors. These funds will be used to ensure it comes out of the coronavirus crisis in a strong position.
The Santos Ltd (ASX: STO) share price is up almost 4% to $3.89. Investors have been buying Santos and other energy shares after oil prices rebounded in Asian trade. According to Bloomberg, the WTI crude oil price and the Brent crude oil price are both up around 4.5% this afternoon. This has been driven by comments out of the White House urging Saudi Arabia and Russia to end their price war.
The St Barbara Ltd (ASX: SBM) share price has jumped almost 5% to $2.19. Investors have been buying safe haven assets such as gold and the gold miners after equities tumbled lower. It isn't just St Barbara on the rise today. In afternoon trade the S&P/ASX All Ordinaries Gold index is up a decent 2.8%.
The Stanmore Coal Limited (ASX: SMR) share price has surged 21% higher to 99 cents. Investors have been buying the coal miner's shares on Thursday after it received an unconditional takeover approach. Golden Investments has made a $1.00 cash per share offer to acquire the company. This values Stanmore Coal at approximately $256.1 million. Golden Investments already owns a 31% stake in the company.
