It hasn’t been a great start to the week for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). Due largely to declines in the materials sector, in afternoon trade the index is down 0.2% to 5,739 points.
But not all shares have fallen lower today. Four shares in particular have gone against the grain and climbed higher. Here’s why:
The a2 Milk Company Ltd (Australia) (ASX: A2M) share price is up almost 3% to $2.68 despite there being no news out of the fast-growing dairy company. Today’s gain means a2 Milk’s shares have climbed a massive 21% since the start of the month. News that Chinese regulators have indefinitely postponed new cross border e-commerce laws has been the catalyst for the rally.
The Evolution Mining Ltd (ASX: EVN) share price has jumped over 4% to $2.14. Whilst the majority of Australia’s leading gold miners have climbed higher today, Evolution was given an added boost from a number of broker reports. Credit Suisse, Macquarie, and UBS all reiterated their buy ratings this morning following site visits.
The Mayne Pharma Group Ltd (ASX: MYX) share price has climbed close to 3% to $1.38. Although there was no news out of the pharmaceutical company, I’m not surprised to see investors snap up its shares considering they change hands at just 12x annualised earnings. As I said earlier today, I think Mayne Pharma is one of three bargain buys on the ASX at the moment.
The Zelda Therapeutics Ltd (ASX: ZLD) share price has rocketed 15% to 9.5 cents after the medical marijuana company announced a strategic partnership with animal health company CannPal. Management believes the agreement will allow the two companies to exploit opportunities of mutual interest in both the human and animal pharmaceutical markets. Zelda will be granted options over 10% of CannPal, which plans to list on the ASX later this year.
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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. 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 Bruce Jackson.