With the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) crashing down 1.8%, most investors will be sporting significant losses for the day. However, these four companies have managed to buck the downwards trend…
Bellamy's Australia Ltd (ASX: BAL) soared 5% to $8.83 after hitting a fresh all-time high of $9.18 earlier in the session. The company, which produces baby formula products, soared following reports that demand for its products is so high that consumers are struggling to get their hands on the tins in supermarkets and pharmacies. According to The Sydney Morning Herald, Bellamy's has blamed China's upcoming 'Singles Day' for the sell-out.
OnCard International Limited (ASX: ONC) soared 73.3% to 52 cents after the company announced it would acquire the assets of the dairy and other pasture-based farming business conducted by The Van Diemen's Land Company (VDL) – which is the largest single supplier of milk in Australia. Indeed, milk and other agricultural products are in high demand and it seems investors are excited by OnCard's prospects.
iCar Asia Ltd (ASX: ICQ) has risen another 6.3% with the stock having now gained a little over 20% since last Monday. That could be attributed to the takeover offer received by iProperty Group Ltd (ASX: IPP) by REA Group Limited (ASX: REA) last week, with some investors perhaps hopeful that a similar offer will be made for iCar Asia.
XERO FPO NZ (ASX: XRO) has also gained 3.1% today to trade at $18.51, up from a low of $14.61 a little under a fortnight ago. Xero, which provides cloud-based accounting software, recently presented its half-year earnings results which revealed 63% growth in revenue and a whopping 7% jump in gross margins (from 67% to 74%).
Thankfully, these four companies provided a glimmer of hope on a day that was otherwise pretty grim for investors.
