Why Bellamy’s, Botanix, Objective Corp, & St Barbara shares charged higher today
Although it has fought back from its lows, the S&P/ASX 200 index is still on course to start the week on a disappointing note. At the time of writing the benchmark index is down 0.35% to 6,672.5 points.
Four shares that have not let that hold them back are listed below. Here’s why they have charged higher:
The Bellamy’s Australia Ltd (ASX: BAL) share price has risen over 3% to $9.07 despite there being no news out of the infant formula and baby food company. However, last week a note out of Goldman Sachs revealed that demand for infant formula on Chinese ecommerce platforms was strong during the month of June. Investors may believe that daigou demand for Bellamy’s products has been strong over the period.
The Botanix Pharmaceuticals Ltd (ASX: BOT) share price has zoomed 14% higher to 24 cents after the clinical stage cannabinoid company released new data from studies recently conducted around its cannabidiol antimicrobial platform. According to the release, new data has shown that a new drug candidate from Botanix’s cannabidiol antimicrobial platform has potent activity against hypervirulent strains of the bacteria Clostridium difficile. Clostridium difficile is responsible for over 30,000 deaths and 500,000 infections annually in United States, costing the healthcare system around US$5.2 billion each year.
The Objective Corporation Limited (ASX: OCL) share price has raced over 10% higher to $3.10 following the release of a trading update out of the information and process governance solutions company. According to the update, Objective expects to report a 23% increase in net profit after tax in FY 2019. This has been driven by strong subscription revenue.
The St Barbara Ltd (ASX: SBM) share price has pushed almost 3% higher to $3.21. The gold miner’s shares have lifted with the rest of the gold miners on Monday after the gold price finished the week on a positive note. At the time of writing the the S&P/ASX All Ords Gold index is up almost 1.2%.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Bellamy's Australia. 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.