It has been a disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down 1.1% to 5,692.1 points.
Four shares that have defied the market selloff today are listed below. Here’s why they are ending the week with a bang:
The Amaysim Australia Ltd (ASX: AYS) share price has jumped 8% to $1.11. The junior telco company’s shares have stormed higher despite news that Goldman Sachs has downgraded its shares to a neutral rating with a lowered price target of $1.21. Although it sees strategic value in its subscriber base, the broker has concerns over the impact of continued competitive intensity.
The AVZ Minerals Ltd (ASX: AVZ) share price has pushed 2.5% higher to 7.9 cents after the lithium-focused mineral exploration company upgraded the mineral resource of its 60%-owned Manono project in the Democratic Republic of Congo. According to the release, the company has increased the JORC Ore Resource estimate for the project by 54.1%. In addition to this, AVZ Minerals has more than doubled the Measured Resource category to over 93Mt following infill drilling since August 2018.
The Myer Holdings Ltd (ASX: MYR) share price has risen 3.5% to 44.5 cents on the day of its annual general meeting. According to The Australian, the department store operator has received a second strike against its remuneration report after Solomon Lew successfully rallied shareholders to vote against it. Approximately 37.5% of proxy votes rejected the resolution at the meeting. Investors may be optimistic that change is finally coming at the embattled company.
The New Hope Corporation Limited (ASX: NHC) share price has pushed over 4% higher to $3.40 despite there being no news out of the coal miner. But with its shares sinking considerably lower over the last couple of weeks and coal prices stabilising, it appears that bargain hunters may be swooping in today.
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.