In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and is down almost 2.4% to 5,906.9 points.
Four shares that have defied the market selloff today are listed below. Here’s why they are climbing higher:
The Amcor Limited (ASX: AMC) share price is up 1.5% to $13.32. This morning the packaging giant released its annual general meeting presentation to the market ahead of the event. That presentation revealed that Amcor has had a good start to the year and its first quarter performance is in line with expectations. As a result, there are no changes to the outlook statements it provided in August.
The Evolution Mining Ltd (ASX: EVN) share price has risen 5% to $2.85. As well as benefiting from a flight to safety from investors due to the market selloff, this morning Evolution announced that its board had approved the Mt Carlton underground mine. Management advised that Mt Carlton has a mine life to at least 2025 and this project will allow production from the higher grade Link zone to be brought forward.
The Leigh Creek Energy Ltd (ASX: LCK) share price has zoomed 12.5% higher to 27 cents after returning from a trading halt. This morning the energy company advised that it has successfully initiated its gasifier and produced its first syngas flows. Management has advised that this significant company milestone has unlocked a large energy resource and enables it to quickly move toward having the resource upgraded to reserve status by the end of the year.
The Perseus Mining Limited (ASX: PRU) share price has jumped almost 9% higher to 37.5 cents. Like Evolution and the rest of the gold miners, Perseus has benefited from investors seeking safe haven assets due to the market selloff. In addition to this, Perseus announced the completion of its front-end engineering and design study for the Yaouré Gold Project in the Ivory Coast. Based on the study, the total capital cost estimate for the development of Yaouré is US$264 million, including contingency allowances. This was a good outcome and the company looks set to push ahead with the project.
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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.