It has been a subdued start to the trading week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down 0.1% to 6,189.6 points.
Four shares that have defied the market and pushed higher today are listed below. Here's why they are starting the week with a bang:
The Althea Group Holdings Limited (ASX: AGH) share price has had an impressive second day of trade as a listed company and is up almost 19% to 66.5 cents. This means the newly listed medicinal cannabis company's shares have now risen by 235% from their IPO price of 20 cents per share. Althea counts one of the largest Canadian medicinal cannabis companies, Aphria Inc, as a shareholder. The C$4.6 billion cannabis giant took a cornerstone position in the IPO by subscribing for a further 17 million shares, bringing its total holding in the company up to 25%.
The Asaleo Care Ltd (ASX: AHY) share price is up a sizeable 10% to 76.5 cents despite there being no news out of the personal care products company. However, prior to today Asaleo Care's shares were trading within a whisker of their 52-week low. This may have led to some bargain hunters swooping in today.
The Scottish Pacific Group Ltd (ASX: SCO) share price has stormed 15% higher to $4.31 after the financial services company revealed that a takeover approach has been made by Asian private equity firm Affinity Equity Partners. Under the terms of the Scheme, Scottish Pacific shareholders will be entitled to receive $4.40 per share in cash, representing a 17.6% premium to the last closing share price of $3.74.
The Tegel Group Holdings Ltd (ASX: TGH) share price has climbed almost 5% to $1.10 after the poultry producer announced that Overseas Investment Office approval for the Bounty Holdings New Zealand acquisition of the company has been granted under the Overseas Investment Act. The $1.23 per share Bounty offer to acquire Tegel has now been declared unconditional.
