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Why Avita Medical, OFX, Pro Medicus, & Qantas shares raced higher today

In afternoon trade the S&P/ASX 200 index is on course to end its winning streak. At the time of writing the benchmark index is down by 0.2% to 6,680.5 points.

Four shares that have not let this hold them back today are listed below. Here’s why they have raced higher:

The Avita Medical Ltd (ASX: AVH) share price has zoomed 9.5% higher to 57 cents. This appears to be a delayed reaction to an announcement out of the regenerative medicine company on Tuesday. That announcement revealed that the U.S. FDA has approved the company’s Investigational Device Exemption application to conduct a pivotal trial evaluating the safety and effectiveness of the RECELL Autologous Cell Harvesting Device in combination with meshed autografting for the treatment of acute full-thickness skin defect.

The OFX Group Ltd (ASX: OFX) share price has jumped 9% to $1.56. This morning the global provider of online international payment services announced that it has formed an exclusive strategic partnership with Link Administration Holdings Ltd (ASX: LNK) to become its preferred partner in Australia for international payments such as dividends and corporate action payments on Link’s Investor Centre platform.

The Pro Medicus Limited (ASX: PME) share price is up 4.5% to $29.54 despite there being no news out of the healthcare technology company. However, the Australian tech sector is booming on Wednesday after a positive night of trade on the technology-focused Nasdaq index. Investors appear optimistic that the U.S. Federal Reserve will slash interest rates at tonight’s meeting. This would lower the risk free rate and be supportive to their current valuations.

The Qantas Airways Limited (ASX: QAN) share price has climbed 3% to $6.36 after a drop in oil prices and a broker note out of Morgan Stanley. According to the note, it has upgraded Qantas’ shares to an overweight rating and lifted the price target on them to $7.00. It sees limited near term impact from this week’s oil price spike due to its fuel hedging.

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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 Link Administration Holdings Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia has recommended Link Administration Holdings Ltd. 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.