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.
