It has been a disappointing day of trade for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) on Wednesday. In afternoon trade the index is down 0.5% to 5,983.2 points.
Four shares that have defied the market and climbed higher today are listed below. Here’s why they have surged higher:
The Bellamy’s Australia Ltd (ASX: BAL) share price has climbed 7% to $16.91 despite there being no news out of the organic infant formula company. But with its shares down significantly over the last couple of weeks, I wouldn’t be surprised if bargain hunters are swooping in today to pick up shares at a cheaper price.
The Jatenergy Ltd (ASX: JAT) share price has surged 11.5% higher to 14.5 cents after the energy-cum-infant formula company announced plans to open a retail store in China. Jatenergy will open a store in the new Hui Yue Kid’s City shopping complex in Zhengzhou, China. The complex has been designed specifically to cater to the mother and baby market, giving the company an opportunity to grow its presence in the lucrative market. A promising development but a touch too soon to invest in my opinion.
The Kogan.com Ltd (ASX: KGN) share price has bounced back from yesterday’s decline with an 8% move higher to $9.08. On Tuesday the ecommerce company’s shares fell hard after eBay announced plans to launch a monthly subscription that gives users free deliveries and returns. It appears some investors have seized on this selloff to pick up shares at an attractive price.
The Retail Food Group Limited (ASX: RFG) share price has continued its move higher and is up a further 6.5% to 90 cents. The market has responded well to the embattled food and beverage company’s new CEO appointment. New CEO, Richard Hinson, has stated that initial turnaround plans have started to see a positive response.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Kogan.com ltd. 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.