In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. At the time of writing the benchmark index is down 0.8% to 5,903.3 points.
Four shares that have not let that hold them back are listed below. Here’s why they are charging higher:
The Corporate Travel Management Ltd (ASX: CTD) share price has stormed a massive 11% higher to $17.94. This morning the corporate travel company’s shares returned to trade following the completion of the institutional component of its entitlement offer. These funds will be used to acquire Travel & Transport for $274.5 million. Management is forecasting the acquisition to be approximately 30% earnings per share accretive post-synergies.
The Electro Optic Systems Hldg Ltd (ASX: EOS) share price is up 1.5% to $5.64. Investors have been buying the defence and aerospace company’s shares after it announced that it has concluded contract negotiations with the government. These negotiations have resulted in the government purchasing 251 Remote Weapon Stations and related materiel for a total of $94 million.
The Evolution Mining Ltd (ASX: EVN) share price is up 1% to $5.85. Investors have been buying Evolution and other gold miners on Wednesday after a rise in the spot gold price overnight. The precious metal was given a boost from the softening U.S. dollar. At the time of writing, the S&P/ASX All Ordinaries Gold index is up a decent 0.5%.
The Recce Pharmaceuticals Ltd (ASX: RCE) share price has jumped almost 9% to $1.20. This morning the pharmaceutical company revealed that it has entered into an agreement with the Murdoch Children’s Research Institute to conduct pre-clinical studies. These studies will assess the potential of RECCE 435 (R435) for the treatment of Helicobacter pylori (H. pylori) infections. Management notes that there is a global unmet medical need for the treatment of H. pylori with no first-line therapy curative in all patients.