It has been another disappointing day of trade for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade it has followed the lead of U.S. markets and is down 0.9% to 5,918 points.
Four shares that defied the market today and pushed higher are listed below. Here’s why they are ending the week on a high:
The Auscann Group Holdings Ltd (ASX: AC8) share price is up 5.5% to $1.53 despite there being no news out of the medicinal cannabis company. Today’s gain is likely to be attributable to strong gains being made by its Canadian equivalents overnight. One of the standouts was Canopy Growth Corp, which is a major shareholder in AusCann. Its shares rose 9.5% last night, taking its market capitalisation up to almost C$6 billion.
The Cynata Therapeutics Ltd (ASX: CYP) share price is up 5% to $1.23. With no news out of the promising biotech company, I suspect today’s gain is likely to be related to a broker note out of US-based HC Wainwright and Co. That note revealed that the broker had reiterated its buy rating and $1.50 price target on Cynata’s shares.
The Saracen Mineral Holdings Limited (ASX: SAR) share price is up 2% to $1.69. The gold miners as a whole have pushed higher today due the market volatility. But Saracen may be climbing more than most because its shares were sold off heavily yesterday after its full-year results disappointed the market. Saracen posted a $101 million full-year loss due to lower sales, a significant rise in production costs, and a $63.8 million non-cash adjustment to the value of low grade ore stockpiles.
The Vita Group Limited (ASX: VTG) share price has climbed 4% to $1.62. I suspect that some investors think that Vita’s shares have fallen into the bargain bin after their post-earnings decline. The retailer’s shares fell sharply this week after it reported a 48% decline in half-year profit compared to the prior corresponding period.
But I wouldn't be buying Vita's shares, I would be buying these top stocks instead.
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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 Scott Phillips.