So far it has been another disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down by 0.1% to 5,664 points.
But not all shares have dropped lower today. In fact, four shares in particular have surged higher. Here's why:
The HFA Holdings Limited (ASX: HFA) share price has jumped almost 4% to $2.29 today. A research note out of Ord Minnett this morning is likely to be the catalyst for today's gain. The broker initiated coverage on the investment management company with a buy rating and $2.85 price target. According to the note, its analysts think HFA is the cheapest amongst its peers.
The Kogan.com Ltd (ASX: KGN) share price has climbed 4% to $1.53 after the online retailer announced that it has signed an agreement with Vodafone Hutchison Australia to launch a fixed-line NBN broadband service in 2018 and mobile broadband services in 2017. Whilst this is promising news, I am concerned about the impact Amazon will have on Kogan's core business if it launches in Australia. For this reason I would stay clear of the retailer.
The Vocus Group Ltd (ASX: VOC) share price is up a whopping 19% to $3.41 after the fast-growing telco company advised that it had received preliminary, indicative, and non-binding takeover proposal from private equity firm KKR. The offer of $3.50 a share appears to be very cheap considering its growth prospects and I would be very surprised if shareholders accepted it.
The West African Resources Ltd (ASX: WAF) share price has rocketed 20% to 35.5 cents after the gold exploration company announced promising drilling results from its Sanbrado Gold Project in Burkino Faso. According to the release, five out of six diamond holes have now hit extremely high grades over significant widths. Great news for shareholders, but a little too high risk an investment for my liking at this point.
