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Why Challenger, IOOF, Mesoblast, & Nearmap shares climbed higher today

James Mickleboro
beat the share market

The S&P/ASX 200 index has followed the lead of U.S. markets and is on course to end its positive run. In afternoon trade the benchmark index is down 0.5% to 6,700.6 points.

Four shares that have not let that hold them back are listed below. Here’s why they have climbed higher:

The Challenger Ltd (ASX: CGF) share price has continued its positive run and is up a further 4.5% to $7.50. On Wednesday the annuities company’s shares raced higher following the release of its first quarter update. Although it reported a disappointing 28% decline in annuities sales over the prior corresponding period, investors were relieved to see that management has reaffirmed its full year profit guidance.

The IOOF Holdings Limited (ASX: IFL) share price has stormed 9.5% higher to $6.97. This morning the financial services company updated the market on its acquisition of ANZ Wealth Pension and Investments business from Australia and New Zealand Banking Group (ASX: ANZ). That update revealed that ANZ has agreed to a revised price of $850 million, down from $975 million. The deal still is still awaiting APRA approval.

The Mesoblast limited (ASX: MSB) share price has charged 3% higher to $1.84. This morning the allogeneic cellular medicines developer announced a new agreement with integrated solutions provider Lonza. According to the release, the two parties have entered into an agreement for the commercial manufacture of Mesoblast’s lead cell therapy product candidate, remestemcel-L for pediatric steroid-refractory acute graft versus host disease.

The Nearmap Ltd (ASX: NEA) share price has climbed 2% to $2.92. The aerial imagery technology and location data company’s shares have been on fire this week following the release of its annual report. Although the report contained no new information, it reminded investors that it has a massive market opportunity. Despite generating sizeable revenues already in North America, management estimates that it has market penetration of just 1%-2%.

The post Why Challenger, IOOF, Mesoblast, & Nearmap shares climbed higher today appeared first on Motley Fool Australia.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended Challenger Limited. The Motley Fool Australia has recommended Nearmap Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019