The S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red after a major selloff on Wall Street overnight. In late morning trade the benchmark index is down 3.1% to 5,774.1 points.
There are not many shares that have managed to push higher today. But four shares that have are listed below. Here's why they are on the rise:
The Mach7 Technologies Ltd (ASX: M7T) share price has returned from a trading halt and jumped 7.5% to 85 cents. Investors have been buying the enterprise image management systems provider's shares after it announced the acquisition of Client Outlook for ~A$40.8 million. Client Outlook is a leading provider of an enterprise image viewing technology called eUnity. It increases Mach7's addressable market opportunity from US$0.75 billion to US$2.75 billion.
The Meridian Energy Ltd (ASX: MEZ) share price is up 1.5% to $4.57. Investors have been buying the renewable energy company's shares due to its status as a safe haven asset. The New Zealand-based energy company has operations on both sides of the Tasman sea.
The Spark Infrastructure Group (ASX: SKI) share price has risen 3% to $2.16. As with Meridian, Spark is seen as a safe haven asset and investors will often flock to it when markets become volatile. Incidentally, one broker that is positive on Spark is Macquarie. Last week it put an outperform rating and $2.33 price target on the company's shares. This could mean there's still further for its shares to run from here.
The TPG Telecom Ltd (ASX: TPM) share price is up over 0.5% to $8.10. Investors have been buying the telecommunications company's shares after it revealed the special dividend it plans to pay if its Vodafone Australia merger completes as planned. TPG Telecom plans to pay a fully franked special dividend in the range of 49 cents per share to 52 cents per share. This equates to a generous 6% to 6.4% dividend yield based on its current share price.
