In afternoon trade the S&P/ASX 200 index is on course to follow the lead of U.S. markets and record another sizeable decline. At the time of writing the benchmark index is down a disappointing 2.5% to 6,474.5 points.
Four shares that have managed to defy the selloff and push higher today are listed below. Here's why they have climbed higher:
The BINGO Industries Ltd (ASX: BIN) share price has climbed 4% to $2.32 despite there being no news out of the waste management company. However, with BINGO's shares down notably over the last couple of weeks after being downgraded by analysts at Goldman Sachs, it appears as though some investors believe its shares were oversold. In addition to this, investors may find its defensive qualities attractive during this market volatility.
The Lynas Corporation Ltd (ASX: LYC) share price has stormed over 6% higher to $2.70. Investors could be buying the rare earths producer's shares on the belief that a heavy decline on Monday has left them in the bargain bin. Especially after an announcement at the end of last week revealed that the outlook for its Malaysia operations had improved greatly following comments out of the local government.
The Pinnacle Investment Management Group Ltd (ASX: PNI) share price has pushed 6.5% higher to $4.13 following the release of the investment company's full year results. In FY 2019 Pinnacle reported net profit after tax from continuing operations of $30.5 million, up 32% from the $23.1 million recorded in FY 2018.
The Ramelius Resources Limited (ASX: RMS) share price has surged 5.5% higher to $1.18 after the gold price climbed to a six-year high overnight. The price of the precious metal stormed higher after China retaliated to President Trump's plan to slap 10% tariffs on US$300 billion of Chinese goods. This has sparked fears that the trade war between the U.S. and China could derail global growth. The S&P/ASX All Ords Gold index is up 0.7% at lunch.
