In afternoon trade the S&P/ASX 200 index has failed to follow the lead of U.S. markets and is trading lower. At the time of writing the benchmark index is down 0.1% to 6,494.8 points.
Four shares that have not let that hold them back today are listed below. Here's why they raced higher:
The Ausdrill Limited (ASX: ASL) share price has climbed 6% to $1.85. This morning the mining services company released its full year results and revealed a 14.2% increase in revenue to $1,970 million and a 15.4% lift in underlying EBIT to $217 million. Ausdrill's strong performance was boosted by the successful acquisition and integration of leading underground mining contractor, Barminco.
The Link Administration Holdings Ltd (ASX: LNK) share price has raced 10% higher to $5.42. Although the administration services company released its full year results and revealed a 3% decline in operating NPATA to $202 million, the market appears pleased with its decision to return a significant amount of funds to shareholders through an on market buy back. Link intends to buy back as much as 10% of its issued capital.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has jumped 10% to $1.58 after announcing a new discovery within its prespecified exploratory from its Phase 2b Osteoarthritis (OA) clinical trial. According to the release, the company has discovered that the two biomarkers; Cartilage Oligomeric Matrix Protein and ADAMTS-5 (both associated biomarkers of patients with progressive OA), resulted in a meaningful reduction when treated with Zilosul. This was in comparison to the placebo arm of the trial.
The Village Roadshow Ltd (ASX: VRL) share price has zoomed 10% higher to $2.67 following the release of the entertainment company's full year results. Village Roadshow delivered EBITDA of $124.9 million in FY 2019, which was a 37% increase on FY 2018's result. Operating cash flow also increased strongly and was up 285% to $82.4 million over the period. This strong result was driven by cost savings and the sale of Wet n Wild Sydney.
