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Why Air NZ, Bega Cheese, Fisher & Paykel Healthcare, & Galaxy are pushing higher

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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) looks set to end the week with a day in the red. At the time of writing, the benchmark index is down 0.55% to 6,600.3 points.

Four shares that haven’t let that hold them back today are listed below. Here’s why they are pushing higher:

Air New Zealand Limited (ASX: AIZ)

The Air New Zealand share price is up over 2% to $1.76. This morning the airline operator announced that it has been awarded four months of additional cargo flights under the New Zealand Government’s International Air Freight Capacity (IAFC) scheme. This comes after the government announced Phase Two of the IAFC scheme which runs from 1 December 2020 through to 31 March 2021.

Bega Cheese Ltd (ASX: BGA)

The Bega Cheese share price has surged 8% higher to $5.48. This follows the completion of its institutional placement and the institutional component of its entitlement offer. Bega Cheese raised $284 million at a 9.1% discount of $4.60 per new share. These funds will be used to acquire Lion Dairy & Drinks for $534 million. This will add popular brands such as Dare, Farmers Union, Yoplait yoghurts, Pura milk, and Juice Brothers juices to its portfolio.

Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)

The Fisher & Paykel Healthcare share price is up 2.5% to $31.55. This could be in response to a broker note out of Goldman Sachs. Its analysts were impressed with the medical device company’s half year results. The broker retained its buy rating and bumped its price target higher to $37.60. Goldman notes that high-flow therapy continues to build momentum and it sees an attractive penetration runway ahead.

Galaxy Resources Limited (ASX: GXY)

The Galaxy share price has jumped 7.5% higher to $2.10. Investors have been buying the lithium miner’s shares after it successfully raised a total of $124 million from institutional investors at $1.70 per new share. The proceeds from the offer will be applied to Sal de Vida Stage 1 and fund pre-development activities to progress James Bay to a construction ready status.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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