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.
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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.