It has been a disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index has given back its early gains and is down 0.2% to 6,214.7 points.
Four shares that are defying the market and pushing higher today are listed below. Here’s why they are starting the week on a high:
The Australian Pharmaceutical Industries Ltd (ASX: API) share price is up almost 8% to $1.46 after the pharmacy chain operator and distributor announced the acquisition of Cleanskincare Clinics for $127.4 million. Management believes this will create a leading Australian health and beauty services and products business and expects it to be earnings per share accretive in FY 2019. This looks like a good deal in my opinion.
The Credit Corp Group Limited (ASX: CCP) share price has climbed 4% to $18.15 despite an anonymous short seller taking another swipe at the company. The short seller’s reply to Credit Corp’s response to its short report has clearly not been convincing enough and investors appear happy to be able to get hold of shares at a better price today.
The Kathmandu Holdings Ltd (ASX: KMD) share price has rocketed 14% higher to $2.64 after the retailer released a trading update and full-year profit guidance. Strong sales growth and the widening of its gross profit margin means that Kathmandu expects net profit after tax to be between $48 million and $52 million in FY 2018. This will be a sizeable increase on the $38 million it achieved last year. Kathmandu certainly looks like a retailer to watch at the moment.
The Northern Star Resources Ltd (ASX: NST) share price is up 4.5% to $6.83. Almost all gold miners have raced higher on Monday after the spot gold price stopped the rot and recovered slightly. At the time of writing the ASX gold miners index is up a sizeable 1.3%. A broker upgrade by UBS also gave Northern Star’s shares a lift.
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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.