The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has plunged 1.6% to 4,999.40 points today, after the ASX's top financial companies were pummelled. Insurers, banks, and financial services companies were heavily sold off, while just the two big miners in the Top 20 managed to post a gain.
These four companies went against the trend and saw their share prices rise…
Recall Holdings Ltd (ASX: REC) share price rose 7.2% to $8.04 after Iron Mountain agreed to ACCC terms to sell most of its Australian business in return for the acquisition of Recall. Iron Mountain first initiated takeover talks in December 2014, and upped its offer to a cash offer of $8.50 per share limited to a maximum of $225 million or 0.1722 of an Iron Mountain share (currently trading at US$33.91). It now appears highly likely that the deal will go through.
Resolute Mining Limited (ASX: RSG) share price gained 5.6% to $0.57. The jump in the gold miner's share price may be because CEO and managing director John Welborn purchased 350,000 shares (roughly 53 cents each) over the past week on the market. It's usually said that directors (insiders) sell their shares for many varied reasons, but only buy for one. With gold trading at around A$1,630 an ounce and miners making a motza, I could see why.
IPH Ltd (ASX: IPH) share price added 5.2% to $6.87, it's second-consecutive day of rises, after hitting a one-month low of $6.11on March 30. The intellectual property and patents firm had been sold off from a high of $9.43 in late February, with the valuation looking 'stretched' at that point. At today's price, shares are still trading on a trailing P/E of 31x according to Google Finance, and look expensive on that simple basis. But, if the company can continue delivering earnings growth of 75%, then investors are likely to be rewarded over the long term.
Fantastic Holdings Limited (ASX: FAN) share price rose 4.3% to $1.96 but is still down more than 11% since the start of the year. The cheap and cheerful furniture retailer recently appointed former Woolworths and Dick Smith executive Debra Singh as chief executive officer, but media reports suggest that larger shareholders are pushing for chairman and 40% owner Julian Tertini to take the company private. Ms Singh joined Fantastic in 2013, and media reports suggest an external candidate would not be keen to join a company that was going private.
