The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make it three days of declines out of three this week. In afternoon trade the index is down 0.2% to 6,028 points.
Four shares that have defied the market and are higher today are listed below. Here’s why they have climbed higher:
The Botanix Pharmaceuticals Ltd (ASX: BOT) share price has pushed almost 4% higher to 14 cents after the cannabis-based dermatology company released a presentation revealing its sizeable opportunity in the growing atopic dermatitis market. According to the presentation, the global atopic dermatitis market is larger than the acne market and is projected to reach US$24 billion by 2027. The company’s BTX 1204 is a new atopic dermatitis therapeutic addressing this market opportunity. The first patient data is expected to be available in June 2018.
The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has climbed almost 5% to $2.60 despite there being no news out of the embattled asset manager. I suspect that Blue Sky’s shares are in the hands of day traders now, leaving them prone to wild swings to the upside and downside. I would suggest investors stay clear of the company.
The Sealink Travel Group Ltd (ASX: SLK) share price has surged 10.5% higher to $4.21 after the travel company revealed that it had received an unsolicited, non-binding, and conditional takeover approach from an undisclosed party. An offer of $4.75 cash per share was tabled, but the offer was rejected on the basis that it undervalued the company. Investors may be piling in today in the hope that an improved offer is made.
The Yojee Ltd (ASX: YOJ) share price is up for a second day in a row and is 7% higher to 15.5 cents. The logistics and supply chain management platform provider’s shares surged higher on Tuesday after announcing a services agreement with Schenker (Asia Pacific). Management believes it provides strong industry validation of Yojee’s unique value proposition to global logistics companies.