The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has been unable to follow the lead of U.S. markets and has dropped lower on Tuesday. In afternoon trade the benchmark index is down 0.3% to 6,005.2 points.
Four shares that have defied the market today are listed below. Here's why they have stormed higher:
The A2 Milk Company Ltd (ASX: A2M) share price has rebounded from its recent decline with a 7% gain to $10.09. Bargain hunters appear to be swooping in after the infant formula and dairy company's shares were heavily sold off last week on the back of a bearish broker note out of CLSA. I can't say I'm surprised by this gain, I felt the selloff created a buying opportunity for investors prepared to make a long-term investment.
The Afterpay Touch Group Ltd (ASX: APT) share price has surged 5% higher to $8.58 despite there being no news out of the fintech company. A good number of Australian tech shares have pushed higher today following strong gains in the U.S. tech sector overnight. The Australian information technology sector is up 1.3% today.
The OM Holdings Limited (ASX: OMH) share price has jumped almost 10% to $1.09 even though there has been no new out of manganese explorer and miner. However, last week Metal Bulletin reported that manganese supply was 1.68 million dry metric tonnes in April, down 2.8% compared with March. With demand increasing strongly this year, investors may be betting on improved prices.
The Praemium Ltd (ASX: PPS) share price has climbed almost 5% to 77 cents. This morning the managed accounts platform provider announced that it has agreed terms with Morgan Stanley Wealth Management Australia to broaden its longstanding relationship to include managed accounts. Morgan Stanley currently has $27 billion in assets under management across 110 advisers. I think Praemium is well worth a closer look.
