After a positive start to the day the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and has edged lower in afternoon trade. At the time of writing the index is down slightly at 5,837.8 points.
Four shares that have defied the market today are listed below. Here’s why they are pushing higher:
The Apollo Tourism & Leisure Ltd (ASX: ATL) share price is up 3% to $1.40 on the day of its annual general meeting. This morning the recreational vehicle company’s chairman stated that he was “pleased with how we are going on all fronts so far this financial year.” This appears to have eased concerns that the company was struggling amid higher fuel costs. Management has maintained its net profit after tax guidance of between $22 million and $24 million.
The Collection House Limited (ASX: CLH) share price has pushed 4.5% higher to $1.35 despite there being no news out of the debt collector. But with its shares down significantly this year and trading on extremely low multiples, I suspect that value investors may have been snapping up shares today.
The Mesoblast Limited (ASX: MSB) share price is up 2.5% to $1.89 after the biotech company announced the expansion of its partnership with JCR Pharmaceuticals in Japan for wound healing in patients with Epidermolysis Bullosa (EB). Management has advised that under the expanded license agreement covering EB, Mesoblast has provided JCR with access to its broad patent portfolio for the use of mesenchymal stem cells in wound healing. Mesoblast will receive royalties on TEMCELL product sales for EB.
The WPP Aunz Ltd (ASX: WPP) share price has bounced back from yesterday’s massive decline with a 5% jump to 52.5 cents. The marketing company’s shares were smashed on Tuesday after announcing the resignation of its CEO and downgrading its full year guidance. WPP had previously stated that it expected earnings per share growth of 3% in FY 2018, but this has now been downgraded to a decline of 12% to 15% due to the underperformance of certain production businesses and creative agencies.
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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.