The S&P/ASX 200 index has followed the lead of U.S. markets and started the week on a disappointing note. In afternoon trade the benchmark index is down 0.9% to 6,341.2 points.
Four shares that have defied the market and zoomed higher today are listed below. Here's why these shares have started the week strongly:
The Eclipx Group Ltd (ASX: ECX) share price has surged a further 24% higher to $1.39. The fleet management company's shares have been on fire since the release of its half year results and update on its simplification plan late last week. One broker that liked what it saw was Credit Suisse. This morning it upgraded Eclipx's shares to an outperform rating and lifted its price target from 88 cents to $1.40.
The REA Group Limited (ASX: REA) share price has climbed 2% to $90.65 after CoreLogic released its latest house price data. Although house prices in Melbourne and Sydney continued to slide in May, it was the smallest monthly decline in 12 months. Investors may believe that this is a sign that house prices are close to bottoming in these key markets. This could lead to a rebound in listings for REA Group in the near term.
The Regis Resources Limited (ASX: RRL) share price has zoomed 7% higher to $4.77 after the gold price surged higher on Friday. Pleasingly for the gold miners, the precious metal has continued its charge during Asian trade and is up a further 0.5% to US$1,317.30. Concerns over a global trade war and a recession in the United States have supported the gold price. As has speculation that the U.S. Federal Reserve could soon cut rates.
The Starpharma Holdings Limited (ASX: SPL) share price has pushed 3.5% higher to $1.35 after announcing a new agreement with UK-based pharmaceutical giant AstraZeneca. According to the release, the two parties have signed a Development and Option Agreement which will see Starpharma progress the development of a dendrimer enhanced product (DEP) version of an undisclosed AstraZeneca major marketed oncology medicine.
