It looks like another day in the red for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index has dropped lower by a disappointing 0.9% to 5,426 points.
Despite the index dropping lower a number of shares are still managing to put on strong gains. Here's why these four shares are climbing higher today:
Blackmores Limited (ASX: BKL) shares are up almost 4% to $119.15 today despite there being no news out of the health supplements manufacturer. Its shares have dropped around 27% since the middle of August due to concerns over its first quarter performance. I'm optimistic that the first quarter result will be stronger-than-expected, driving the share price higher. As Blackmores traditionally provides its first quarter update at the end of October, we won't have to wait long to find out.
Praemium Ltd (ASX: PPS) shares have jumped 7% to 52.5 cents a day after reporting record inflows of $494 million for the September 2016 quarter. I must admit to being very impressed with the performance of this leading global provider of investment administration, separately managed accounts, and financial planning technology platforms. It appears as though I wasn't alone either. This morning a note from Baillieu Holst revealed that the broker has reiterated its buy rating and placed a 60 cents price target on its shares.
Vocus Communications Limited (ASX: VOC) shares have bounced back from yesterday's decline and are up 4% to $5.72. The growing telco's shares dropped sharply yesterday following more boardroom drama. Board members James Spenceley and Tony Grist departed following a difference of opinion. At the current price the shares do look to be great value for investors that are willing to be patient.
Viralytics Ltd. (ASX: VLA) shares have continued climbing higher, this time they rocketed higher by over 20% to $1.35, before dropping back off slightly. On Monday the biotech company provided a positive update to the market on the use of its CAVATAK product in the treatment of both melanoma and non-muscle invasive bladder cancer. Since then its shares have climbed a massive 36%. Although it is early days for CAVATAK, I think Viralytics is definitely worth keeping a close eye on.
