The S&P/ASX 200 index looks set to finish the week on a very disappointing note. In afternoon trade the benchmark index is down 0.8% to 6,184.9 points.
Four shares that have not let that hold them back are listed below. Here's why they are ending the week with a bang:
The Afterpay Touch Group Ltd (ASX: APT) share price has climbed 3.5% higher to $24.25 after being the subject of a bullish broker note out of Goldman Sachs this morning. According to the note, the broker has retained its conviction buy rating and lifted the price target on its shares from $21.00 up to $27.10. Goldman made the move after revising its valuation approach and upgrading its U.S. forecasts.
The Automotive Holdings Group Ltd (ASX: AHG) share price has rocketed 14% higher to $2.03 after AP Eagers Ltd (ASX: APE) proposed a merger of the two largest car dealerships in Australia. AP Eagers has offered to take over Automotive Holdings by offering 1 AP Eagers share for every 3.8 AHG shares owned. The merger would require shareholder and ACCC approval.
The St Barbara Ltd (ASX: SBM) share price is up almost 2% to $3.28 after the market selloff led to investors rotating into risk off assets. St Barbara isn't the only gold miner climbing higher today. In afternoon trade the S&P/ASX All Ords Gold index is up 0.6%. In addition to this, according to CNBC, the spot gold price has edged higher to US$1,294.60 an ounce.
The SRG Global Ltd (ASX: SRG) share price has surged 12.5% higher to 36 cents after the mining services company announced that it has secured an umbrella agreement with Evolution Mining Ltd (ASX: EVN) to extend the terms of its drill and blast operations at the Cowal, Mt Rawdon, and Mt Carlton operations. Total estimated revenues under the contract are approximately $78 million over the three-year term and approximately $115 million on the basis that the two-year option to extend is exercised.
