It has been a rocky day on the markets with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) spending most of the day bouncing back and forth into positive and negative territory. As the market close approaches the index is currently down 0.3% to 5,541 points.
However, four shares which are going against the grain today and climbing higher are as follows:
Bega Cheese Ltd (ASX: BGA) surged higher by around 7% to $6.20 after it announced that it has reached an agreement with Woolworths for the supply of a significant component of its private label cheese range commencing January 2017. Although no financial details have been given by either company, we do know this forms a significant part of a supply agreement that was worth $108 million in annual sales to previous supplier Murray Goulburn.
Bega Cheese shares are still down over 16% in 2016.
Clinuvel Pharmaceuticals Limited (ASX: CUV) has jumped almost 6% to $5.02 following the release of its quarterly update. The biopharmaceutical company posted cash receipts of $1.2 million for the quarter, which was a 50% rise in cash receipts on the previous quarter. Year-to-date it posted cash receipts of $3.6 million, which is a 43% increase on the prior corresponding period. Although it just fell short this quarter, if it continues to grow cash receipts at this rate it will be cash flow positive very soon.
Clinuvel Pharmaceuticals shares have risen a staggering 90% this year.
Graincorp Ltd (ASX: GNC) shares have jumped over 4% to $8.49 following reports in the Australian Financial Review that revealed Credit Suisse has upgraded its shares to an outperform rating with a $9 price target. Analysts believe that by next week Archer Daniels Midland will be off the company's share registry putting Graincorp in a position to look into selling its minority interest in its east coast port assets for upwards of $800 million.
Graincorp shares are now down by around 2% year to date.
ResMed Inc. (CHESS) (ASX: RMD) shares are up 7% to $9.22 after the sleep treatment specialist posted yet another strong quarter. In its final quarter the company reported an 8% increase in adjusted revenue to US$489.7 million, with adjusted net income also increasing 8% to US$104.4 million. Furthermore the company lifted its quarterly dividend by 10% to 3.3 US cents per share. Although its yield is by no means the greatest, it is growing at a rapid clip. This and its strong earnings growth could make it a great long-term investment.
ResMed's shares have risen over 22% in 2016.
