The S&P/ASX 200 index looks set to end its winning streak with a disappointing decline on Thursday. In afternoon trade the benchmark index is down 0.85% to 6,232.4 points.
Four shares that have not let that hold them back today are listed below. Here's why they have stormed higher:
The Freedom Foods Group Ltd (ASX: FNP) share price has pushed 4% higher to $4.99 after being the subject of a positive broker note out of Deutsche Bank. According to the note, the broker has initiated coverage on the food company with a buy rating and $6.00 price target. Deutsche believes that Freedom Foods is well-positioned for strong earnings growth thanks to strong demand for dairy at home and abroad and its exposure to health foods.
The GrainCorp Ltd (ASX: GNC) share price is 2.5% higher to $9.55 after it announced plans to spin off its global malting business. This will result in two independent ASX-listed companies – MaltCo and New GrainCorp. MaltCo will be a global malting and craft brewing distribution business and the world's fourth largest independent maltster. In FY 2018 the business generated EBITDA of $170 million. Management expects the move to unlock significant value for shareholders.
The iSignthis Ltd (ASX: ISX) share price has continued its strong run and is up a further 4.5% to 33.5 cents. On Wednesday the remote identity verification and payment authentication provider's shares rocketed higher after it announced the addition of 13 new merchants to its Tier 1 network in the European Economic Area since January 22.
The Syrah Resources Ltd (ASX: SYR) share price has zoomed 12% higher to $1.33 after the graphite miner released a first quarter update. According to the release, the company achieved production of 48kt during the quarter, compared to guidance of 45kt. In addition to this, Syrah finished the period with cash of US$62 million, which was higher than its guidance of between US$55 million and US$57 million. I suspect some short sellers may be buying shares today to close positions.
