The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and looks set to continue its disappointing run on Thursday. In afternoon trade the benchmark index is down slightly to 6,160.2 points.
Four shares that have not let that hold them back are listed below. Here’s why these shares have pushed higher today:
The Beach Energy Ltd (ASX: BPT) share price has pushed 5.5% higher to $2.12 following a strong rise in oil prices overnight. Prices hit a 2019-high after a surprise drawdown of U.S. inventories indicated that the market is tighter than expected. Oil prices have edged higher in Asian trade.
The Kogan.com Ltd (ASX: KGN) share price is up 6.5% to $3.80 after the ecommerce company announced the launch of Kogan Marketplace. The platform will give its customers more choice and allow businesses to reach more customers through the Kogan.com platform. A number of leading retailers have signed up to participate, including brands such as Microsoft, Breville Group Ltd (ASX: BRG), Lego, Fisher-Price, Paw Patrol, SodaStream, Gillette, Gucci, and Philips. Kogan will earn a commission on sales made through the Marketplace.
The Myer Holdings Ltd (ASX: MYR) share price is almost 6% higher to 55 cents despite there being no news out of the department store operator. I suspect that today’s buying could have been driven by some short sellers closing their positions after Myer released a better than expected half year result last week. Its shares are up 34% since the release of these results.
The WiseTech Global Ltd (ASX: WTC) share price has continued its positive run and is up a further 3.5% to $22.29 on Thursday. The logistics platform provider’s shares have been strong performers this week despite there being no news out of it. This latest gain means that WiseTech Global’s shares are now up over 11% since Tuesday.
These 3 stocks could be the next big movers in 2020
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. The Motley Fool Australia has recommended Kogan.com ltd. 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.
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