The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) followed the lead of U.S. market on Tuesday and sank 0.4% to 5,936 points.
Four shares that didn’t let that hold them back are listed below. Here’s why they have climbed higher
The Evolution Mining Ltd (ASX: EVN) share price has climbed 3.5% to $3.04 after investors went into risk off mode and headed into safe haven assets following the broad market sell-off. The gold mining index finished the day almost half a percent higher as a result.
The Family Zone Cyber Safety Ltd (ASX: FZO) share price jumped 6.5% to 56.5 cents after the cyber safety company announced a deal with global mobile phone manufacturer Alcatel. According to the release, Family Zone’s technology will be preloaded onto Alcatel devices from mid-2018. The two companies plan to launch in Australia and New Zealand in the middle of the year before embarking on a global rollout thereafter.
The Mayne Pharma Group Ltd (ASX: MYX) share price finished the day almost 3.5% higher at 77 cents after the pharmaceutical company announced that its generic NuvaRing drug has been accepted for filing by the U.S. Food and Drug Administration. NuvaRing is the largest contraceptive sold in the US$5.6 billion US contraceptive market with no generic equivalents to date. The company expects to commercialise its generic NuvaRing in FY 2019.
The Medical Developments International Ltd (ASX: MVP) share price has pushed 3% higher to $7.46 after the healthcare company announced that its CEO had offloaded 5 million shares off-market to financial institutions in the UK, United States, and Australia due to strong demand. The sale was conducted at $7.50, a sizeable premium to the last close price. While insider selling is not normally perceived to be a good thing, on this occasion I think it is a positive and will increase liquidity.
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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.