The S&P/ASX 200 index is on course to start the week on a very disappointing note. In afternoon trade the index is down 0.7% to 6,558.3 points.
Four shares that have not let that hold them back are listed below. Here's why they are charging higher:
The Freedom Foods Group Ltd (ASX: FNP) share price has jumped 6% to $5.35. This gain appears to have been driven by a bullish broker note out of Goldman Sachs. According to the note, Goldman added the diversified food company's shares to its conviction buy list with an improved price target of $6.80. The broker was impressed with Freedom Foods' full year result and believes it is well-positioned for growth thanks partly to its exposure to high-value dairy nutritionals and locked in long term supply.
The LiveTiles Ltd (ASX: LVT) share price has risen 7% to 38 cents after it announced a new agreement with tech giant Microsoft. According to the release, LiveTiles' product portfolio, including its Wizdom and Hyperfish products, is now under a co-sell arrangement with Microsoft in 39 countries. Management advised: "Having successfully demonstrated how Microsoft Teams is supported within our intranet platform to ensure success in their adoption of Microsoft Teams, LiveTiles is thrilled to be working with Microsoft to bring its products to more customers."
The Opthea Ltd (ASX: OPT) share price has stormed a further 12% higher to $3.75. The shares of the developer of novel biologic therapies for the treatment of eye diseases have been on fire in recent weeks thanks to the positive study update for its OPT-302 combination therapy for treatment-naïve patients with wet age-related macular degeneration. One broker that was very pleased with the update was Goldman Sachs. It initiated coverage on Opthea with a conviction buy rating and $4.90 price target.
The Western Areas Ltd (ASX: WSA) share price has zoomed 9% higher to $2.71. Investors have been fighting to get hold of its shares today after nickel prices surged by almost 9% on Friday to their highest levels in four years. The catalyst for this was Indonesia, the world's largest nickel producer, announcing that it would ban exports of raw ore in December.
