The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week in the red after a sizeable decline today. In afternoon trade the index is down 1.3% to 5,684 points.
But despite the sell-off, a number of shares have managed to defy the market and climb higher. Here’s why:
The Aconex Ltd (ASX: ACX) share price is up 4% to $4.46 despite there being no news out of the software-as-a-service company. But with the company’s full-year earnings due to be released on August 22, I wouldn’t be surprised if this gain is the result of short sellers buying shares to close their positions.
The Beadell Resources Ltd (ASX: BDR) share price has climbed 6% to 22.2 cents. The majority of gold miners are higher today due to a lift in the gold price amid rising tensions in North Korea. Beadell is likely to have climbed more than most due to its higher all-in sustaining costs. The miner reported an AISC of US$1,338 an ounce in the first-half, just short of the spot gold price which is now fetching US$1,286 an ounce.
The Covata Ltd (ASX: CVT) share price has jumped 17% to 4.9 cents after the security solutions company announced that its Safe Share product has been included on Microsoft’s Azure platform in Australia. Furthermore, the company is working towards a similar arrangement with Microsoft UK to deploy the product there and then into the European market. I think this is a promising development and can’t say I’m surprised to see its shares rocket higher.
The Vita Group Limited (ASX: VTG) share price has rocketed 20% to $1.50 after the retailer announced that talks with Telstra Corporation Ltd (ASX: TLS) have completed with a reasonably better-than-expected agreement. The agreement will see the expansion of Vita’s Telstra retail store footprint to 115 stores by July 2019 in return for agreeing to forego 7% to 8% of retail remuneration.
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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of ACONEX FPO and Telstra Limited. 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.
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