It has been a very disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). With almost every sector in the red, in afternoon trade the benchmark index is down 0.6% to 5,718 points.
Four shares which have defied the market and climbed higher today are listed below. Here's why they have started the week with gains:
The ALS Ltd (ASX: ALQ) share price has climbed 5% to $6.94. The testing services company's shares have been on a tear since it announced its full-year results. The result was so strong it led investment bank Citi to upgrade its shares from a sell rating to a buy with a $6.90 price target. After the strong rally, I think ALS shares are fully valued now.
The SMS Management & Technology Limited (ASX: SMX) share price has jumped up 4% to $1.76 after fellow IT services company ASG Group made a non-binding expression of interest valuing it at $1.80 in cash per share. Rival DWS Ltd (ASX: DWS) had hoped to acquire the company for the equivalent of $1.61 per share. I believe there is a reasonable chance DWS will come back with a better offer.
The Ten Network Holdings Limited (ASX: TEN) share price has bounced back from last week's heavy decline with a 13% gain to 19.2 cents. The media company's shares have been on a rollercoaster ride this year, ultimately falling a whopping 80%. The most recent decline is attributable to Lazard Asset Management Pacific Co selling down its substantial stake.
The Vita Group Limited (ASX: VTG) share price has surged 7% to $1.09 despite there being no news out of the retailer. Despite today's gain Vita's shares are still down a remarkable 65% year-to-date. Concerns over its future profitability following a decision by Telstra Corporation Ltd (ASX: TLS) to cut its remuneration by 30% over the next two and half years has weighed heavily on its shares. As cheap as it looks, there are still a lot of unknowns. This makes it one to avoid in my opinion.
