In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to end its five-day winning streak. At the time of writing the benchmark index is down 0.2% to 5,870 points.
Four shares that haven’t let that hold them back are listed below. Here’s why they are defying the market and ending the week on a high:
The Adairs Ltd (ASX: ADH) share price has rocketed 17% higher to $2.16 after the resurgent retailer provided the market with a trading update. According to the update, thanks to the strong performance of its autumn and winter range management has upgraded its full-year guidance. Adairs is expected to report earnings before interest and tax of $44 million and $46.5 million, up from its previous guidance of between $40 million and $44 million.
The Kidman Resources Ltd (ASX: KDR) share price has climbed 7% to $2.01 despite there being no news out of the lithium miner. But with its shares down almost 20% during the last 30 days prior to today’s trade, it appears as though some investors thought that Kidman Resources’ shares had fallen to an attractive entry point.
The MMJ Phytotech Ltd (ASX: MMJ) share price is up 4% to 37.5 cents after the medicinal cannabis company announced a strategic alliance with Calgary-based CBi Capital. According to the release, CBi provides capital and expertise to high growth, early-stage companies in the global cannabis industry. The two parties will look at co-investment opportunities in the cannabis space.
The Retail Food Group Limited (ASX: RFG) share price has risen 4% to 92.5 cents on news. The embattled food and beverage franchisor is one of the more volatile shares on the market at the moment and prone to wild swings in its price. Although its shares looks very cheap, I would suggest that investors stay well clear of the company.
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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.