In afternoon trade the S&P/ASX 200 index is off its lows but still in the red. At the time of writing the index is down 0.15% to 6,641.3 points.
Four shares that have not let that hold them back are listed below. Here’s why they have charged higher today:
The Adairs Ltd (ASX: ADH) share price has bounced back from its selloff on Friday with a gain of almost 18% to $1.47. The home furnishings retailer’s shares fell 30% at the end of last week after it revealed a sudden deterioration in its sales performance. One broker that believes the selloff was overdone is Goldman Sachs. It has retained its buy rating, albeit with a trimmed price target of $1.79.
The Ausdrill Limited (ASX: ASL) share price has raced 12% higher to $1.76 after the diversified mining services company announced that its Barminco business has been awarded a five-year underground mining services contract at the Zone 5 Mine in Botswana worth approximately A$800 million. The contract is expected to commence in December 2019.
The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price has climbed 3% to $38.74. The catalyst for today’s gain appears to have been a broker note out of Citi this morning. According to the note, the broker has upgraded the pizza chain operator’s shares to a buy rating with a $44.00 price target. Although it admits that its FY 2019 guidance is looking stretched, its analysts believe the market has yet to factor in its European expansion potential.
The Mesoblast Limited (ASX: MSB) share price has pushed 6% higher to $1.45 after announcing that the US FDA has granted its product candidate, rexlemestrocel-L, Orphan Drug Designation for prevention of post-implantation mucosal bleeding in end-stage chronic heart failure patients who require a left ventricular assist device. This designation qualifies the sponsor of the drug for various development incentives such as eligibility for seven years of market exclusivity upon regulatory approval and exemption from FDA application fees.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited. 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.