In afternoon trade the S&P/ASX 200 Index (ASX: XJO) looks set to end its winning streak. At the time of writing, the benchmark index is down 0.3% to 6,431.8 points.
Four shares that are not letting that hold them back are listed below. Here's why they are storming higher:
InvoCare Limited (ASX: IVC)
The InvoCare share price has climbed 3.5% to $11.91 after announcing two new acquisitions. The funerals company has entered into conditional sales agreements to acquire 100% of the shares of Family Pet Care and the business and assets of Pets in Peace for a combined price of $49.8 million. The acquisitions are forecast to deliver combined annual revenue of ~$19.3 million and be earnings per share accretive in the first full year of operation.
Nine Entertainment Co Holdings Ltd (ASX: NEC)
The Nine Entertainment share price is up 4.5% to $2.46 following the release of a trading update. That update revealed that the media and entertainment company expects its first-half earnings before interest, tax, depreciation and amortisation (EBITDA) to be up by around 30% compared to the prior corresponding period.
Telstra Corporation Ltd (ASX: TLS)
The Telstra share price is up 4.5% to $3.13. Investors have been buying the telco giant's shares after it announced a potential restructuring of the company to create three separate legal entities. Telstra believes the restructure would enable it to take advantage of potential monetisation opportunities for its infrastructure assets. These are expected to create additional value for shareholders. In addition to this, Telstra has reconfirmed the FY 2021 guidance.
Wesfarmers Ltd (ASX: WES)
The Wesfarmers share price is up over 2.5% to $48.88. This follows the release of the conglomerate's trading update this morning. That update revealed that Wesfarmers has started the year very positively, with strong sales growth being achieved across much of the company. The Bunnings business has achieved sales growth of 25.2% for the first four months of FY 2021. This has been supported by a 23.4% increase in Officeworks sales and a 114.4% jump in Catch sales.
