The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) looks set for another day in the red. In afternoon trade the index has sunk lower by 0.4% to 5,830 points.
Four shares that have defied the market and climbed higher are listed below. Here's why they have surged higher:
The Cochlear Limited (ASX: COH) share price has pushed 3% higher to $176.75. Although the implantable hearing device manufacturer disappointed the market with its half-year result yesterday, one broker saw enough promise to upgrade its shares. According to a note out of Citi, its analysts have upgraded Cochlear to a neutral rating from sell and given its shares an increased price target of $175.00.
The Computershare Limited (ASX: CPU) share price is 5.5% higher at $17.40 following the release of its half-year results. The market appears to be pleased with the company's 12.4% increase in revenue to $1,123 million and 20% increase in management EBITDA to $289.6 million. Key drivers of this growth were its US mortgage services operations and an increase in event activity in the stakeholder relationship management business.
The CSL Limited (ASX: CSL) share price has raced 5.5% higher to $149.83. This morning the biotherapeutics company reported a 35% increase in half-year net profit after tax to US$1.1 billion. The impressive result was driven by strong sales growth across major product lines and a number of new products being approved during the half. I think this demonstrates why CSL is one of the highest quality businesses on the ASX.
The Orora Ltd (ASX: ORA) share price has climbed 3.5% to $3.30 after the packaging company released its half-year results. Orora delivered a 14.8% increase in net profit after tax before significant items to $105.7 million. Management pointed to higher volumes in its Glass and Fibre segments as playing a key role in its strong first-half performance. Whilst I felt this was a strong result, I thought its guidance was a touch soft.
