It has been a disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). Due largely to declines in the energy sector, the benchmark index is down 0.55% to 5,999 points in afternoon trade.
Four shares that have defied the market today are listed below. Here’s why they have started the week with strong gains:
The APN Outdoor Group Ltd (ASX: APO) share price has raced 7% higher to $5.45 after the outdoor advertising company released its full-year EBITDA guidance. Management expects underlying EBITDA to be in the range of $92 million to $96 million in FY 2018 compared to $90.3 million in FY 2017. According to the release, the out-of-home markets in both Australia and New Zealand have remained robust in recent months.
The Investa Office Fund (ASX: IOF) share price has rallied almost 10.5% higher to $5.11 after the office property owner advised that Blackstone Singapore has made an offer of $5.25 cash per unit to acquire the company. The offer will reduce by any distributions declared or paid between now and the completion of the proposal.
The Reliance Worldwide Corporation Ltd (ASX: RWC) share price has stormed 20% higher to $5.47 after emerging from a trading halt. The plumbing parts company’s shares were placed into a trading halt whilst it prepared a $1.1 billion capital raising (including a $945 million institutional component) to acquire UK-based rival John Guest Holdings.
The Technology One Limited (ASX: TNE) share price has pushed almost 3.5% higher to $4.57 after the enterprise software company clarified its earnings guidance for FY 2018. Management advised that its guidance of profit growth between 10% to 15% related to its standard profit after tax metric and not the underlying profit after tax declared last year. The company does not intend to report underlying profits and only did so last year to highlight the abnormal items that it had experienced.