In late morning trade the S&P/ASX 200 Index (ASX: XJO) has given back its earlier gains and dropped lower. At the time of writing the benchmark index is down 0.5% to 5,817.1 points.
Four shares which haven’t let that hold them back are listed below. Here’s why they are racing higher:
The Appen Ltd (ASX: APX) share price is up 3.5% to $30.48. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has commenced coverage on the artificial intelligence company with an outperform rating and $38.00 price target. Macquarie believes that Appen’s Relevance segment is well placed for strong long term growth.
The Healius Ltd (ASX: HLS) share price has jumped 11% to $2.81. This follows an announcement by the healthcare company this morning which revealed that it has agreed to sell its medical centres to BGH Capital. Healius has agreed a fee of $500 million with the private equity firm. Completion of the transaction is expected to occur before the end of 2020. It remains subject to a number of conditions including approval by the Foreign Investment Review Board.
The IDP Education Ltd (ASX: IEL) share price is up 2% to $16.66. Investors have been buying the student placement and language testing company’s shares after analysts at Morgan Stanley retained their overweight rating and $17.50 price target. It appears confident in its long term outlook despite the difficult trading conditions it is currently experiencing.
The Propel Funeral Partners Ltd (ASX: PFP) share price is up 3% to $2.97 after the funeral company released a trading update. According to the release, Propel experienced an 8% increase in its average revenue per funeral metric during the month of May. This follows the easing of social distancing limits. As a result, the company is on track for another record year and expects revenue of $110 million and operating earnings of $32 million in FY 2020.
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More reading
- ASX 200 down 0.3%: Big four banks mixed & Healius rockets on medical centre sale
- Propel Funeral share price climbs higher after providing FY20 guidance
- 5 things to watch on the ASX 200 on Monday
- The most explosive ASX tech shares you can buy today
- Why the Healius share price will be in the spotlight tomorrow morning
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 Idp Education Pty Ltd. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Propel Funeral Partners Ltd. 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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