It certainly has been a thoroughly disappointing day for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down 3% to 5,841 points.
As you might expect, not many shares were trading in positive territory today. But four that were are listed below. Here's why they have climbed higher:
The Evolution Mining Ltd (ASX: EVN) share price is up 1% to $2.87. Although not all gold miners have climbed higher, a few of the higher quality and reasonably priced producers have benefited from a flight to safety during today's market crash. However, considering the decline is largely due to fears of rising interest rates, I wouldn't be a buyer of the gold miners at this point.
The Environmental Clean Technologies Ltd (ASX: ESI) share price has climbed 12.5% to 0.9 cents following the release of a shareholder update. According to the release, its Coldry solid fuel commercial trial program has continued to deliver on targeted fuel performance and comparative efficiencies across various types of boiler systems. The clean energy company is conducting trials of the fuel in Tasmania and Victoria at present.
The Lifehealthcare Group Ltd (ASX: LHC) share price is up 41% to $3.62 after the healthcare solutions provider revealed that it has entered into a binding scheme implementation deed with Pacific Equity Partners. The private equity firm will acquire all LifeHealthcare shares for $3.75 cash per share, less any dividends that are paid between now and its completion. I think this is a good offer and expect shareholders to vote in favour of it.
The Northern Star Resources Ltd (ASX: NST) share price is 0.5% higher at $5.82. As I mentioned above, a few select gold miners have benefited from a flight to safety following today's market meltdown. Other assets that have benefited include the Japanese yen and the Swiss franc. Like gold, both are traditionally very popular with investors when they switch to risk-off mode during heightened market volatility.
