In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down 0.1% to 5,677 points due largely to heavy declines in the consumer discretionary and telecommunications sectors.
Four shares which have defied the market today and climbed higher are listed below. Here's why they have posted solid gains:
The Galaxy Resources Limited (ASX: GXY) share price has stormed almost 6% higher to $2.56 following the release of a positive broker note out of Morgan Stanley. According to the note, the broker has retained its overweight rating and increased the price target on the lithium miner's shares to $3.00.
The Kathmandu Holdings Ltd (ASX: KMD) share price has climbed 5% to $2.05 following the release of the retailer's full-year results. Kathmandu posted net profit of $38 million on revenue of $445.4 million. This was a 13.5% increase and 4.6% increase, respectively, on FY 2016. Impressively, despite the weak retail environment the company posted same store sales growth of 5.5%.
The SKY and Space Global Ltd (ASX: SAS) share price is up 6% to 18 cents after the communications infrastructure company unveiled its next set of nanosatellites – the Pearls. According to the release, the Pearls are the world's most advanced telecommunication nanosatellite and will be integral to its full Equatorial constellation. I think Sky and Space Global will be one to watch in the future.
The Santos Ltd (ASX: STO) share price is higher by 4% to $4.19 after the Brent crude oil price closed at a two-year high of US$59.02 a barrel overnight. Considering Santos is free cash flow positive at US$33 a barrel, I can't say I'm surprised to see its shares climb higher today.
