It has been a very disappointing day for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down 0.4% to 6,109 points.
Four shares which have defied the market and climbed higher today are listed below. Here’s why they have pushed higher:
The Magellan Financial Group Ltd (ASX: MFG) share price has climbed 5% to $27.85 following the release of a positive broker note out of Morgan Stanley. Yesterday Magellan released its latest funds under management (FUM) update. According to the release, total FUMs slipped slightly month-on-month to $57,870 million.
The Medibio Ltd (ASX: MEB) share price is up 6% to 33.5 cents. This morning the mental health technology company advised that it has received a certificate of compliance certifying that its Quality Management System complies with the requirements of ISO 13485. The certificate is recognized internationally as a universal measure of quality and is a critical prerequisite to securing a CE Mark and other regulatory certifications.
The Praemium Ltd (ASX: PPS) share price is 4% higher at 77 cents following the release of a funds under administration (FUA) update. According to the release, Praemium recorded record gross inflows of $764 million for the quarter ending December 31. This brought its FUA to over $7.4 billion and is an increase of 37% on the prior corresponding period. I think Praemium has a bright future ahead of it and could be worth taking a closer look at today.
The Vita Group Limited (ASX: VTG) share price is up 10% to $1.76. This morning the retailer advised that it expects to deliver EBITDA of approximately $20 million for the six months to 31 December 2017. This compares to previous guidance of $16 million to $18 million and is the largely down to cost controls and the iPhone 8 and iPhone X release. While this is undoubtedly good news, I would stay clear of Vita until its performance stabilises.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.