The S&P/ASX 200 index is on course to start the month with a decline after the U.S. Federal Reserve disappointed investors. In afternoon trade the benchmark index is down 0.25% to 6,796.4 points.
Four shares that have not let that hold them back are listed below. Here's why they have surged higher:
The Nufarm Limited (ASX: NUF) share price is up 3% to $5.03 after announcing the placement of $97.5 million of preference securities to existing shareholder and strategic business partner, Sumitomo Chemical Company. This appears to have offset a trading update which revealed that it expects to report underlying EBITDA of around $420 million in FY 2019. This compares to the previously advised range of $440 million to $470 million and consensus estimates of $436 million.
The Superloop Ltd (ASX: SLC) share price has surged 6% higher to $1.04 after providing its earnings guidance for FY 2020. Late last month the company's shares were sold off after it withdrew its guidance for FY 2020 of $26 million to $30 million. Its updated guidance is now $14 million to $16 million, excluding infrastructure transactions that are anticipated. This appears to be better than some investors had feared.
The Zip Co Ltd (ASX: Z1P) share price has climbed 3.5% to $3.38 after announcing a partnership with Woolworths Group Ltd (ASX: WOW) subsidiary Big W. The agreement will see Big W offers Zip Co's buy now pay later service to its customers. The platform is expected to go live with Big W within the first half of FY 2020.
The Wellcom Group Limited (ASX: WLL) share price has rocketed 29% higher to $6.79 after the Australian production and content management company received a $6.70 cash per share takeover approach from South Korean full-service global advertising agency Innocean Worldwide. This represents a 27.6% premium to the last close price and values Wellcom at $265.8 million on a fully diluted equity basis. A final and special dividend are expected to be paid to shareholders, but will not reduce the offer price.
