In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decline. The benchmark index is currently down 0.4% to 6,656.3 points.
Four shares that have not let that hold them back are listed below. Here’s why they are charging higher:
Eagers Automotive Ltd (ASX: APE)
The Eagers Automotive share price has jumped 7% to $14.10 following the release of a market update. According to the release, the auto retailer is expecting to deliver underlying operating profit before tax of $195 million to $205 million for FY 2020. The high end of its guidance range is more than double FY 2019’s $100.4 million. This result includes the first full year of trading following the transformative merger with Automotive Holdings Group.
IGO Ltd (ASX: IGO)
The IGO share price has rocketed 24% higher to $6.31. Investors have been buying the nickel producer’s shares after it completed its institutional placement and entitlement offer. The company raised a total of $707 million at a 9.7% discount of $4.60. These funds will be used to acquire a 49% stake in Tianqi Lithium Energy Australia from China-listed Tianqi Lithium Corporation.
Marley Spoon AG (ASX: MMM)
The Marley Spoon share price is up 4.5% to $2.59. The catalyst for this gain was an announcement by the subscription-based meal kit provider this morning. That announcement reveals that Marley Spoon is investing in a number of areas to support its growth. This includes a new Sydney manufacturing centre, research and development activities, and increased production capability in the United States.
Zip Co Ltd (ASX: Z1P)
The Zip share price is up almost 2% to $5.25 after announcing a deal with social media giant Facebook. According to the release, the buy now pay later provider will allow Australian small businesses to pay for their advertising on Facebook through its Zip Business platform. Management believes the partnership is the next exciting step in the development of Zip Business. This follows a recent agreement with eBay Australia.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.