Despite strong gains in the energy and materials sectors, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has dropped lower on Wednesday. In afternoon trade the benchmark index is down almost 0.4% to 6,243.2 points.
Four shares that have defied the market and pushed higher today are listed below. Here's why they have climbed higher:
The Pinnacle Investment Management Group Ltd (ASX: PNI) share price has surged 9% higher to $6.18. This morning the financial services company announced the successful completion of its institutional placement to raise $60 million at a price of $5.50 per share. The money will be used to by a 35% stake in Metrics Credit Partners and a 40% stake in Omega Global Investors. Ord Minnett appears to believe this was a good move and has upgraded its shares to a buy rating with an improved price target of $6.43.
The Redbubble Ltd (ASX: RBL) share price has continued its run and is up a further 3% to $1.58. This morning Morgans retained its add rating on the company's shares with an improved price target of $1.91 following the release of the ecommerce company's impressive trading update on Tuesday.
The Somnomed Limited (ASX: SOM) share price has stormed over 12.5% higher to $2.40 following the release of its quarterly update. Pleasingly the sleep treatment company had a solid end to the year and expects to report a loss at the lower end of its guidance range in FY 2018. This would mean an EBITDA loss of around $6.6 million.
The Wattle Health Australia Ltd (ASX: WHA) share price has zoomed 10% higher to $1.15 after the health foods and infant formula company received approval for general trade in China for its 1 kilogram retail bag of Pure Australian Grass Fed Milk Powder product. While this is not the CFDA accreditation for its infant formula products many were hoping for, it seems that some investors feel this approval is a step closer to achieving it.
