In late morning trade the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and is dropping lower. The benchmark index is currently down 0.2% to 6,587.5 points.
Four shares that have not let that hold them back are listed below. Here’s why they are storming higher:
Afterpay Ltd (ASX: APT)
The Afterpay share price is up 3% to $97.44. This appears to have been driven by news of a strong Black Friday sales period and a jump on the technology-focused Nasdaq index on Friday night. It isn’t just Afterpay on the rise. The S&P/ASX All Technology Index (ASX: XTX) is up 1.75% at the time of writing.
Bega Cheese Ltd (ASX: BGA)
The Bega Cheese share price has continued its ascent and is up a further 4% to $5.64. At one stage today, the diversified food company’s shares stormed to a 52-week high. Investors have been buying the company’s shares after the announcement of an agreement 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.
Humm Group Limited (ASX: HUM)
The Humm share price is up 4% to $1.29. This follows the announcement of the company’s successful rebranding from FlexiGroup to Humm this morning. Humm is the company’s buy now pay later brand. It is expected to be the key driver of the company’s growth in the future.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price has jumped 7.5% higher to $3.50. Investors have been buying the biopharmaceutical company’s shares after it entered into an agreement to acquire TheraPharm. TheraPharm is a Swiss-German biotechnology company developing innovative diagnostic and therapeutic solutions in the field of hematology. It provides Telix with access to a portfolio of patents, technologies, production systems, clinical data, and know-how in relation to the use of Molecularly Targeted Radiation (MTR) in hematology and immunology.
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Returns as of 6th October 2020
More reading
- Telix (ASX:TLX) share price storms 8% higher to record high on acquisition news
- Afterpay (ASX:APT) share price under heavy fire from industry giants
- ASX 200 Weekly Wrap: ASX 200 on track for a top month
- Why these All Ords shares have almost doubled in value this month
- Are ASX tech shares like Afterpay (ASX:APT) in a bubble?
Motley Fool contributor James Mickleboro owns shares of TELIXPHARM DEF SET. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended FlexiGroup Limited. 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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