The S&P / ASX200 (ASX: XJO) is down 1.5% in morning trade as major indices on Wall Street fell more than 3% overnight due to a multiple of worries over issues such as Brexit, the US China trade dispute and the flattening of the yield curve in the US. There's not many places to hide for investors on the local market today, but there are a couple of shares moving higher, so let's take a look at why some shares are catching a bid.
The APA Group Ltd (ASX: APA) share price is up 2.7% to $8.93 today as the gas pipeline business adjusts to public life after the federal government blocked its proposed takeover at $11 a share by Chinese group CKI Consortium. On November 21 APA informed the market that it still expects to post between $1,550 million to $1,575 million profit in FY 2019. It also expects to still pay a partly franked 46.5 cents per share in dividends over the year placing it on a yield of 5.2%.
The Kogan.Com Ltd (ASX: KGN) share price is up 1.9% to $3.31 despite the online retailer releasing no specific news to the market. The buying might be the result of bargain hunters moving into a stock that has collapsed in half over 2018 ahead of the key Christmas selling season. Kogan is also attempting to diversify into financial services via credit cards and home loan products.
The BC Minerals Ltd (ASX: BCI) share price is up 7.4% to 14.5 cents today despite the iron ore miner releasing no specific news to the market. Recently BCI announced it will sell its Kumina iron ore project to Mineral Resources Limited (ASX: MIN) for $35 million. BCI is also planning to diversify into salt and potash mining in order to capitalise on what it reports is rising Asian demand.
The Coles Group Ltd (ASX: COL) share price is up 27 cents or 2.3% to $11.76 today after a series of share price falls since its November 21 listing. Some analysts have put negative ratings on the shares and it even has 1.7% of its shares shorted as at November 29. However, today analysts at Macquarie Group Ltd (ASX: MQG) reportedly put an "outperform" rating on Coles shares, which may be helping the Coles share price higher today.
