It has been a reasonably disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down almost 0.3% to 5,729 points.
Four shares which haven’t let that hold them back are listed below. Here’s why they are climbing higher:
The Boart Longyear Ltd (ASX: BLY) share price has climbed 5.5% to 3.8 cents after the drilling services company announced that S&P Global has raised its corporate credit rating to CCC+. The ratings agency has, however, retained a negative outlook on Boart Longyear.
The DE Mem Ltd (ASX: DEM) share price is up 3% to 33 cents after the Singapore-based water and waste water treatment company announced its expansion into the Australian market with the acquisition of Akwa-Worx. DE Mem will acquire the leading provider of water and waste water treatment systems and supplies products for $1.5 million in cash plus $460,000 of DE Mem shares. I think DE Mem could be one to watch closely this year.
The Galaxy Resources Limited (ASX: GXY) share price has continued its strong run and is up 3% to $2.65. This morning the lithium miner provided a positive update on the assays at its James Bay Project in Canada. The results reaffirm the potential of James Bay as a long-life high grade spodumene project.
The Myer Holdings Ltd (ASX: MYR) share price is up 2.5% to 73.7 cents following the release of its full-year results. This morning Myer reported full-year net profit after tax of $67.9 million, down 2.2% on last year’s result and ahead of one broker’s expectations. One slight disappointment, though, was that the trading during the first six weeks of FY 2018 have been below management’s expectations.