In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course make it two consecutive days of steep declines. At the time of writing the benchmark index is down 0.7% to 5,661 points.
Four shares which have defied the market today and climbed higher are listed below. Here’s why they have posted solid gains today:
The a2 Milk Company Ltd (Australia) (ASX: A2M) share price has climbed almost 4% to $6.24. Today’s gain is likely to be attributable to a research note out of Goldman Sachs which revealed that its analysts have upgraded the dairy company to a buy rating with a $7.25 price target. Goldman believes growth in the higher margin offline channel in China will lead to above consensus earnings growth in FY 2018.
The Independence Group NL (ASX: IGO) share price is up 4% to $3.97. The gold miner’s shares are now up over 12% since this time last week despite there being no notable news out of the company or material movements in the gold price. Despite this strong gain, Independence remains the second-most shorted share on the Australian share market.
The Kidman Resources Ltd (ASX: KDR) share price has rebounded from yesterday’s decline with a 3.5% gain to 92.5 cents. Yesterday the lithium miner’s shares took a tumble after it revealed the results of the scoping study from its Earl Grey Lithium Project. Although the results were strong, some investors appear to have expected even better.
The Liquefied Natural Gas Ltd (ASX: LNG) share price is up 4.5% to 40.2 cents despite there being no news out of the natural gas company. But with its shares recently hitting a multi-year low, I suspect bargain hunters may have swooped in. Whilst its shares do look cheap, due to the oversupply of LNG I would caution against an investment.
These 3 stocks could be the next big movers in 2020
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
*Returns as of 6/8/2020
Motley Fool contributor James Mickleboro has no position in any of the 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.
- 5 things to watch on the ASX 200 on Wednesday – September 23, 2020 7:09am
- Forget term deposits and buy Coles (ASX:COL) and this ASX dividend share – September 23, 2020 6:33am
- Why I would buy CBA (ASX:CBA) and this beaten down ASX share – September 22, 2020 4:31pm