The S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is on course to end its winning streak. In afternoon trade, the benchmark index is down 0.6% to 6,688 points.
Four shares that have not let that hold them back today are listed below. Here’s why they are storming higher:
Asaleo Care Ltd (ASX: AHY)
The Asaleo Care share price jumped 22% to $1.23 this morning before being hurriedly placed into a trading halt. The catalyst for this was news that the personal care products company has received an unsolicited takeover proposal. Asaleo Care has requested the halt until it releases an announcement in relation to the takeover proposal.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price has continued its positive run and climbed a further 3% to $22.50. Investors have been buying the iron ore producer’s shares after the price of the steel-making ingredient rose again. According to CommSec, the spot iron ore price pushed through the US$150 a tonne level overnight.
Perpetual Limited (ASX: PPT)
The Perpetual share price is up almost 6% to $35.98. The catalyst for this appears to be a broker note out of Credit Suisse this morning. According to the note, the broker has upgraded the fund manager’s shares to an outperform rating with a $39.00 price target. This follows the release of its investor day update on Wednesday.
Starpharma Holdings Limited (ASX: SPL)
The Starpharma share price has surged 11% higher to $1.45. This follows the release of an announcement by the biopharmaceutical company which revealed that it expects to release its COVID-19 antiviral nasal spray in the first quarter of next year. It will also be marketed as an antiviral nasal spray for other important respiratory viruses such as influenza and respiratory syncytial virus (RSV). The product will go on sale in Europe initially.
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Returns as of 6th October 2020
More reading
- ASX 200 down 0.4%: Appen downgrades guidance, Fortescue hits a record high
- Starpharma (ASX:SPL) share price jumps 15% after COVID-19 nasal spray update
- Inquiry calls moratorium on mining projects after Rio Tinto (ASX:RIO) Juukan debacle
- The Fortescue (ASX:FMG) share price has doubled in 2020: Too late to invest?
- Citigroup downgrades these ASX mining stocks after a big rally
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 Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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