In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the day in the red. At the time of writing the index is down 0.3% to 6,334.9 points.
Four shares that have defied the market and pushed higher today are listed below. Here’s why they are ending the week with a bang:
The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has rebounded from yesterday’s heavy decline and jumped almost 10.5% to $1.80. Yesterday Blue Sky announced its full year results which revealed a 63% decline in underlying revenue to $24.9 million. This led to the embattled asset manager reporting an underlying net loss after tax of $85.6 million. Some investors may have thought yesterday’s selloff was a buying opportunity.
The Freedom Foods Group Ltd (ASX: FNP) share price has stormed 14% higher to $6.67 after the healthy foods company released its full year results after the market closed on Thursday. Freedom Foods reported annual net sales growth of 34.5% to $353 million and operating net profit growth of 96.9% to $19.4 million. Looking ahead, management held firm with its FY 2019 net sales guidance in the range of $500 million to $530 million.
The Starpharma Holdings Limited (ASX: SPL) share price has surged 12% higher $1.29. This morning the developer of dendrimer products advised that AstraZeneca’s first patent application on DEP Bcl2/xL conjugates has been published by the World Intellectual Property Organisation. These DEP conjugates combine Starpharma’s innovative DEP delivery technology with AstraZeneca’s novel inhibitor for treating various cancers, including leukemias. The results show compelling efficacy and synergy in combination.
The Zenitas Healthcare Ltd (ASX: ZNT) share price has rocketed almost 23% higher to $1.42 after the home care roll up advised that it has received a takeover approach from a consortium comprising Adamantem Capital and Liverpool Partners. The consortium has offered $1.46 per share in cash, which looks like a good deal for shareholders.
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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 and Zenitas Healthcare 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.
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