The Australian share market is a sea of red on Tuesday. In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down 1.6% to 5,846.3 points.
Four shares that have defied the market and pushed higher today are listed below. Here’s why they are climbing:
The AGL Energy Limited (ASX: AGL) share price is up 1% to $18.35. The energy retailer’s shares have benefitted from investors looking for safe havens during the market selloff today. The utilities sector is the only sector on the Australian share market in positive territory at the time of writing.
The Ruralco Holdings Ltd (ASX: RHL) share price has pushed 4.5% higher to $3.04 following the release of the agribusiness company’s full year results. In FY 2018 Ruralco achieved a 5% increase in revenue to $1,900 million and a 10% lift in underlying net profit after tax to $28.8 million. The latter was at the top end of the guidance range management provided.
The Orocobre Limited (ASX: ORE) share price has pushed 3.5% higher to $4.68. This morning the lithium miner released its November investor presentation which included a forecast on the lithium market through to FY 2022. According to the presentation, Orocobre expects persisting bottlenecks, slower ramp ups, and higher costs to support tight market conditions and support prices for the next few years. Management also confirmed that production is expected to be higher in FY 2019.
The Superloop Ltd (ASX: SLC) share price has climbed almost 2% to $1.81 after the connectivity and managed services provider announced an agreement with NEXTDC Limited (ASX: NXT). According to the release, Superloop will provide optical layer connectivity to the new INDIGO subsea cable system for the NEXTDC data centres in Perth and Sydney. The INDIGO subsea cable will connect Singapore, Indonesia and Australia, providing significantly lower latency and greater reliability using the shortest subsea links between Australia and the fast growing South East Asian market.
These 3 stocks could be the next big movers in 2020
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Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. 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.