Why these 4 ASX shares climbed higher today

After a bright start to the day the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has faded and dropped into the red. In afternoon trade the index is down 0.3% to 6,088 points.

Four shares that have defied the market and pushed higher today are listed below. Here’s why they are climbing higher:

The A2 Milk Company Ltd (ASX: A2M) share price has pushed 2% higher to $10.76. The infant formula and dairy company’s shares were higher in earlier trade but have faded as the day went on. Investors initially appeared to respond positively to a broker note out of Goldman Sachs declaring the company a buy with a $12.70 price target. News of a broker downgrade by Citi in the AFR may be weighing on sentiment this afternoon.

The Galaxy Resources Limited (ASX: GXY) share price has raced 7% higher to $3.33 despite there being no news out of the lithium miner. Almost all lithium miners have pushed higher today after Kidman Resources Ltd (ASX: KDR) announced that it had signed an offtake agreement with Elon Musk’s Tesla, Inc. The agreement is a take or pay agreement for less than 25% of Kidman’s expected production and lasts for three years. Tesla has two options to extend the agreement by a further three years.

The Rio Tinto Limited (ASX: RIO) share price has climbed 2% to $86.38. This follows solid gains for the mining giant’s UK-listed shares overnight and was further supported by rising base metal prices and a positive broker note out of Macquarie. According to the note, the broker has retained its outperform rating and $93.00 price target on Rio Tinto’s shares.

The Sigma Healthcare Ltd (ASX: SIG) share price is up almost 3% to 74 cents. Investors appear to have responded positively to the pharmacy operator and distributor’s annual general meeting yesterday. Management confirmed its target of delivering on its EBIT guidance of around $90 million in FY 2019.

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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia owns shares of A2 Milk. 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.

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