Unfortunately the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) hasn't been able to build on yesterday's gain and is down almost 1% to 5,906 points in afternoon trade.
Four shares that have defied the market and climbed higher today are listed below. Here's why they posted strong gains today:
The BWX Ltd (ASX: BWX) share price has climbed 6% to $5.32. Today's gain appears to be a delayed reaction to a positive broker note out of Goldman Sachs yesterday. Although the broker acknowledged that BWX's first-half was weak, it remains confident that its original investment thesis is intact. As a result, it has a conviction buy rating and $8.25 price target on the company's shares.
The Resolute Mining Limited (ASX: RSG) share price is up 3% to $1.21. The majority of Australia's leading gold miners have pushed higher during trade on Wednesday after investors headed to safe-haven assets following the market's sharp decline. At the time of writing the gold miners index is up just over 1%.
The Retail Food Group Limited (ASX: RFG) share price has rebounded from a series of heavy declines and is up 4.5% to $1.19. I suspect that today's gain is either down to bargain hunters swooping in after the sell-off, or short sellers deciding to buy shares to close their positions. I think it is more likely to be the latter of the two.
The Wattle Health Australia Ltd (ASX: WHA) share price has also rebounded from a series of heavy declines and is up 4% to $2.32. The infant formula and baby food company's shares have come under significant pressure since the release of its half-year results. Those results revealed little by way of revenue, leading many to question its lofty market capitalisation. Judging by today's gain, though, some investors think this decline is a buying opportunity and the company will live up to its valuation.
