The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a disappointing start to the week and is down 0.65% to 5,891 points in afternoon trade.
Four shares that have defied the market and pushed higher today are listed below. Here’s why they have started the week with a bang:
The Dicker Data Ltd (ASX: DDR) share price has climbed almost 4% to $2.90. This morning Dicker Data released its revenue, earnings, and dividend guidance for FY 2018. Management expects revenue of $1,380 million and net profit before tax of $42.5 million, a year-on-year increase of 6% for both. Pleasingly, management plans to increase its dividend at a quicker rate of 9.8% and pay a full-year dividend of 18 cents per share.
The Lynas Corporation Ltd (ASX: LYC) share price has jumped almost 6% to $2.22 following the release of the rare earth producer’s half-year results. Lynas posted revenue growth of 75% to $200.9 million and record earnings before interest and tax of $63 million. This was driven by a 17% increase in total rare earth oxide production to 8,839 tonnes and favourable prices. I thought this was a strong result and can’t say I’m surprised with the move higher today.
The MGC Pharmaceuticals Ltd (ASX: MXC) share price has surged 12% higher to 10 cents after the diversified cannabis company provided an update on its operations. Although there wasn’t a great deal of new information, investors appear pleased that things are going as planned and the company could be generating meaningful revenues over the next 12 months.
The Myer Holdings Ltd (ASX: MYR) share price has stormed 15.5% higher to 46.2 cents. Although there has been no news out of the department store operator, the volume of shares being traded has been increasing significantly over the last few days. This has led to further speculation that Myer could be a takeover target. I think investors would be better off ignoring the speculation and avoiding Myer’s shares.