The market selloff has resumed on Monday and the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down 1.2% to 5,826.8 points in afternoon trade.
Four shares that have defied the market decline and pushed higher today are listed below. Here's why they have started the week with a bang:
The Biotron Limited (ASX: BIT) share price has rocketed 29.5% higher to 22 cents. While the drug development company announced the receipt of a $1.1 million R&D tax incentive refund this morning, I don't think that's the reason for the gain. Instead, I feel investors are likely to be still fighting to get hold of Biotron's shares due to its promising work on the HIV-1 infection. Its shares are now up over 1,000% in the space of just two weeks.
The Eden Innovations Ltd (ASX: EDE) share price has continued its strong run and is up a further 21% to 12 cents. The clean energy company's shares have been on fire since it won a small contract in the United States late last month for its EdenCrete admixture. While it was good news, I think the buying has been overdone. As a result, I would suggest investors approach this one with caution.
The Santos Ltd (ASX: STO) share price has pushed 2% higher to $7.03. This morning the energy company signed a binding agreement with Real Energy Corporation Limited (ASX: RLE) for gas processing at Moomba and gas transportation and tie-in at Mount Howitt. In addition to this, rising oil prices during Asian trade have been a boost to the Santos share price.
The Speedcast International Ltd (ASX: SDA) share price has climbed 5% to $3.94 despite there being no news out of the provider of remote communications and IT services. A number of beaten down telco companies have pushed higher today as investors look to escape the market volatility with value options. Speedcast International's shares have fallen heavily this year after a surprise downgrade.
