The S&P /ASX 200 (ASX: XJO) is down 0.5% in morning trade as investors continue to worry about the US / China trade dispute and the inversion of the yield curve that many worry is a sign of tough economic times ahead for the US and global economy.
Despite the worries there are a few shares moving higher on the local market today. So let's take a look why.
The Lynas Corporation Limited (ASX: LYC) share price is up 2% to $1.70 after losing around 23% of its value yesterday on the back of a ruling by a Malaysian government inquiry that the Malaysia-based rare earths miner must follow more stringent procedures for the disposal of waste that contains radioactive materials.
This process would reportedly involve Lynas having to construct a new waste disposal facility at a significant cost if it is to maintain its operating license in Malaysia. Today's share price rebound is probably the result of bargain hunters thinking the stock has been oversold.
The Computershare Limited (ASX: CPU) share price is up 3% to $17.92 today despite the share registry business releasing no specific news to the market. This morning widely followed research house Morningstar reportedly raised Computershare shares to a "hold" rating. Computershare has a very impressive long-term track record of growth backed up by its strong competitive position. In FY 2019 it is forecasting earnings per share growth around 10%.
The AGL Energy Ltd (ASX: AGL) share price is up 2% to $19.52 today, despite the electricity retailer releasing no specific news to the market. AGL shares are actually down around 20% over the past year however, as investors discount its lofty valuation partly on concerns around changing government energy policy and the regulatory framework. The high and rising electricity bills of consumers are in the sights of the federal government that is already moving to force power prices down.
The Asaleo Care Ltd (ASX: AHY) share price is up 30 cents or 48% to 92 cents today after the group revealed it has agreed a deal to sell its Australian consumer tissue business for $180 million. The fast moving consumer goods group will keep its consumer tissue business in New Zealand and the Pacific Islands, B2B, and other Australian personal care operations. It reports that investors can expect rising profit margins as a result of the sale.
