In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. market and dropped lower. At the time of writing the benchmark index is down 0.25% to 6,574.8 points.
Four shares that have not let that hold them back are listed below. Here's why they have stormed higher:
The Challenger Ltd (ASX: CGF) share price has stormed 6% higher to $6.89 after investors responded positively to the annuities company's full year results. In FY 2019 Challenger reported normalised net profit before tax of $548 million. This was an increase of $1 million on FY 2018's result and means the company achieved its guidance for the bottom end of the $545 million to $565 million range. It also held firm with its previously announced FY 2020 guidance.
The Fortescue Metals Group Limited (ASX: FMG) share price has climbed almost 3% to $7.16 after iron ore prices rebounded overnight. According to CommSec, the benchmark iron ore price rose 1.5% to US$93.61 a tonne. Investors appear optimistic that this is the end of the steel making ingredient's losing streak.
The Johns Lyng Group Ltd (ASX: JLG) share price is up 5% to $1.63 after the integrated building services group announced that it has acquired a controlling equity interest in the Sydney based Bright & Duggan Group. The acquisition of the leading Strata and Facilities Management business is expected to be earnings accretive and is forecast to contribute revenue in the order of $31 million and EBITDA of approximately $4.5 million in FY 2020.
The Perseus Mining Limited (ASX: PRU) share price has charged almost 5% higher to 86.5 cents after the gold price rose strongly overnight. Global economic growth concerns sent the spot gold price up more than 1% during overnight trade. At present it is up 0.65% to US$1,527.10 an ounce and close to a fresh six-year high. The S&P/ASX All Ords Gold index is up 0.8% this afternoon.
