In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of U.S. markets and is down almost 0.7% to 5,780 points.
Four shares that have managed to defy the market today and push higher are listed below. Here's why they have started the week with a bang:
The Bio-Gene Technology Ltd (ASX: BGT) share price has jumped 28% to 16 cents after the AgTech development company revealed positive results from its successful Flavocide field trial against a serious rice pest known as the brown planthopper. An estimated A$3.7 billion is spent on rice insecticides globally, with much of this directed towards control of Planthopper. Flavocide was effective against both nymphs and adult Planthopper and was superior to the existing chemistry used.
The Bingo Industries Ltd (ASX: BIN) share price has climbed 2.5% to $2.77. Last week the waste management company's shares fell hard when the Queensland government announced a levy on dumping waste. The market treated this as a negative, whereas Goldman believes it is a net positive. I agree with Goldman and think the sell-off has been a buying opportunity.
The Evolution Mining Ltd (ASX: EVN) share price is up over 2.5% to $3.13 after investors headed into risk off assets. This has led to the gold price and the majority of Australia's leading gold miners pushing higher today. But with the U.S. Federal Reserve raising rates three to four times this year, I don't think the gold price will stay at these levels for too long.
The Myer Holdings Ltd (ASX: MYR) share price has bounced 5.5% higher to 37.5 cents despite there being no news out of the struggling department store operator. I think this is likely to be either bargain hunters swooping in or short sellers buying back shares to close positions. I suspect it could be the latter of the two.
