In early afternoon trade on Wednesday the S&P/ASX 200 index is on course to record a disappointing decline. At the time of writing the benchmark index is down 0.5% to 6,715 points.
Four shares that have defied the market weakness and stormed higher are listed below. Here’s why they are on a high:
The Afterpay Touch Group Ltd (ASX: APT) share price has rocketed 11.5% higher to $35.38 following the release of an update on its dealings with AUSTRAC and a positive broker note out of Goldman Sachs. In respect to the latter, its analysts have upgraded the payments company’s shares to a buy rating, added them to their conviction list, and increased the price target on them to $42.90. The broker believes its frequency of use is driving strong operating leverage.
The Clover Corporation Limited (ASX: CLV) share price is up almost 5.5% to $2.95. This gain appears to have been driven by a bullish note out of Ord Minnett. According to the note, the broker has retained its buy rating and lifted the price target on the infant formula ingredients supplier’s shares to $3.31. It was impressed with its full year result and appears confident this solid growth can continue.
The OceanaGold Corp (ASX: OGC) share price has risen almost 4.5% to $4.15. As well as benefiting from a rise in the gold price overnight due to trade war concerns and impeachment news in the United States, OceanaGold’s shares were given a boost from a broker note out of Credit Suisse. According to the note, the broker has retained its outperform rating and $4.25 price target on its shares following its exploration update.
The Virgin Australia Holdings Ltd (ASX: VAH) share price is up 4.5% to 16.7 cents despite there being no news out of the airline. However, with oil prices sinking lower again overnight, this may have boosted investor sentiment in Virgin Australia. After all, fuel costs are a huge expense for airlines.