The S&P/ASX 200 Index (ASX: XJO) has started the week in a disappointing fashion. In late morning trade the benchmark index is down 0.9% to 5,199.6 points.
Four shares that have not let that hold them back are listed below. Here's why they are pushing higher:
The Afterpay Ltd (ASX: APT) share price has rocketed 21% higher to $35.17. Investors have been fighting to get hold of the payments company's shares after Chinese tech behemoth Tencent Holdings snapped up a 5% stake in it. Tencent has been investing heavily in the financial technology space in recent times and appears to see a lot of promise in Afterpay. Investors may believe it will support a future expansion into the lucrative Asia market.
The Lendlease Group (ASX: LLC) share price is up 1.5% to $11.69. The catalyst for this gain appears to be a broker note out of Macquarie this morning. The broker has retained its outperform rating and lifted the price target on this international property and infrastructure company's shares to $14.92. It notes that its balance sheet is strong following its equity raising and feels its development pipeline is promising.
The Newcrest Mining Limited (ASX: NCM) share price has risen 5% to $26.40. Investors have been buying Newcrest and the rest of the gold miners on Monday after the gold price strengthened on Friday night. Traders were buying the precious metal after President Trump threatened to slap new tariffs on China. The S&P/ASX All Ordinaries Gold index is up 5% at the time of writing.
The Zip Co Ltd (ASX: Z1P) share price has jumped 6.5% to $2.36. Investors have been buying the buy now pay later company's shares after rival Afterpay revealed that Tencent has become a substantial holder. They may believe that the Chinese tech giant could also have an interest in owning a slice of Zip Co. Especially with its shares down by well over 50% from their high.
