In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and looks set to finish the day lower. At the time of writing the benchmark index is down slightly to 6,265.6 points.
Four shares that have defied the market and pushed higher are listed below. Here’s why they are ending the week on a high:
The Freedom Foods Group Ltd (ASX: FNP) share price has rebounded strongly from yesterday’s decline and is up 5.5% to $6.27. Today’s rise is likely to be attributable to a broker note out of Citi which saw the broker retain its buy rating and lift its price target to $6.90. Citi believes that Freedom Foods is a good long-term investment option and I would agree.
The Liquefied Natural Gas Ltd (ASX: LNG) share price has surged 8.5% higher to 59.7 cents. The liquefied natural gas company’s shares appear to have been given a boost by news that two of its directors have been buying shares. Its chairman picked up 100,000 ADRs, which equates to 400,000 ordinary shares, and its CEO bought 150,000 ordinary shares at 56 cents per share yesterday.
The MGC Pharmaceuticals Ltd (ASX: MXC) share price has stormed almost 13% higher to 7.1 cents after the diversified cannabis company announced the receipt of its Good Manufacturing Practice (GMP) certification and formal manufacturing licence. This will allow the company to produce GMP grade medical cannabis medicines containing THC and CBD active pharmaceutical ingredients at its European production and compounding facility.
The Praemium Ltd (ASX: PPS) share price has continued its strong run and is up a further 6% to $1.04. On Thursday the fintech company’s shares surged higher after its funds under administration update revealed record annual gross inflows of $3 billion in FY 2018. This meant that its funds under administration climbed 35% on last year to $8.3 billion. The strong growth was driven partly by key client wins including Morgan Stanley Wealth Management, Mashreq Bank, and CMC Markets.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Freedom Foods Group Limited. 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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