The S&P/ASX 200 index has followed the lead of U.S. markets and dropped lower on Thursday. In afternoon trade the benchmark index is off its lows but still down 0.2% to 6,658.3 points
Four shares that haven’t let that hold them back are listed below. Here’s why they have stormed higher today:
The Australian Ethical Investment Limited (ASX: AEF) share price has risen 5% to $1.93 following the release of the investment company’s latest funds under management (FUM) update. During the June the quarter, Australian Ethical increased its FUM by 9.2% to $3.42 billion. This was driven by a combination of net inflows of $130 million and positive market movements of $160 million.
The Lendlease Group (ASX: LLC) share price is up over 5% to $14.85 after announcing a 10 to 15 year agreement with Google in the United States to develop the tech giant’s landholdings in San Jose, Sunnyvale and Mountain View into mixed-use communities. The release advises that the residential, retail, hospitality and other associated civic components have an estimated end development value of approximately US$15 billion (approximately A$20 billion). Subject to planning approval, development work could commence in 2021.
The Northern Star Resources Ltd (ASX: NST) share price has zoomed 4% higher to $12.64 after the spot gold price rose strongly overnight. According to CNBC, the spot gold price jumped 1.2% to US$1,428.20 an ounce after hedge fund kingpin Ray Dalio revealed that he sees a case to buy the precious metal as central banks get more aggressive with policies that devalue currencies.
The Western Areas Ltd (ASX: WSA) share price has pushed 3% higher to $2.32 following the release of the nickel producer’s quarterly update. Western Areas reported mine production of 5,423 nickel tonnes for the fourth quarter and 23,208 nickel tonnes for FY 2019. It also achieved its highest quarter of nickel sales, bringing full year sales to 21,483 nickel tonnes.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Australian Ethical Investment Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. 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.