In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has edged lower and is down ever so slightly at 6,186.9 points.
Four shares that have defied the market and climbed higher today are listed below. Here’s why they are pushing higher:
The Beach Energy Ltd (ASX: BPT) share price is up 9% to $2.17 after the energy producer provided an update on its growth plans at its investor day. Chief executive officer, Matt Kay, revealed that the company plans to grow production to 34 to 40 million barrels of oil equivalent in FY 2023. In FY 2018 Beach Energy achieved total production of 19 million barrels of oil equivalent, which was up 80% on the prior corresponding period. Over the five years management aims to deliver more than $2.3 billion in free cash flow.
The Bellamy’s Australia Ltd (ASX: BAL) share price has continued its positive run and is up a further 2% to $10.26. The organic infant formula company’s shares were up as much as 5.5% at one stage today before giving back the majority of these gains. With no news out of the company, I suspect that bargain hunters are swooping in again today after recent share price weakness.
The Liquefied Natural Gas Ltd (ASX: LNG) share price is up 3% to 70.2 cents. This morning the liquefied natural gas company announced that it has agreed to extend the financial close date of its legally binding offtake agreement with Meridian LNG to December 31 2018. Management has explained that this will allow both parties to maintain commercial flexibility. All other provisions of the governing agreements not specifically amended by this extension remain in full force and effect.
The Sims Metal Management Ltd (ASX: SGM) share price has climbed 2% to $12.49. The scrap metals company’s shares have been crushed this week after the release of a surprise profit downgrade. Some investors appear to believe its shares have fallen to an attractive level.
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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.