In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is dropping lower. At the time of writing the benchmark index is down 0.35% to 5,939.7 points.
Four shares that have not let that hold them back are listed below. Here's why they are charging higher:
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AMP Limited (ASX: AMP)
The AMP share price has rocketed 22% higher to $1.56. Investors have been fighting to get hold of the wealth manager's shares after it revealed that it has received a takeover bid from Ares Management. No figures have been provided in respect to the indicative and non-binding takeover proposal. Furthermore, management has warned that talks are at a very preliminary stage and there is no certainty that a transaction will eventuate.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is up over 4% to $17.32. The catalyst for this appears to be a broker note out of Macquarie this morning. In response to its first quarter update, the broker has retained its outperform rating and lifted its price target on the iron ore producer's shares to $20.00. Fortescue's shipments were stronger than it expected, and its costs were lower than the broker forecast.
JB Hi-Fi Limited (ASX: JBH)
The JB Hi-Fi share price has climbed 1% to $47.73. This also appears to have been driven by a broker note out of Macquarie. Its analysts have retained their outperform rating and lifted the price target on the retailer's shares to $54.90. It believes the company is well-placed to benefit from a strong holiday season. Particularly given the release of a new iPhone and PlayStation 5.
ResMed Inc (ASX: RMD)
The ResMed share price has jumped 9% higher to $27.80. Investors have been buying the medical device company's shares after it smashed expectations in the first quarter of FY 2021. ResMed delivered a 10% increase in revenue to US$751.9 million and a 37% lift in earnings per share to US$1.27. This compares to the market consensus estimate of US$709.47 million and US$1.03 per share. A key driver of ResMed's strong result was strong demand for ventilators because of the pandemic.
