In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and is on course to record a disappointing decline. At the time of writing the benchmark index is down 1.3% to 6,656.8 points.
Four shares that have defied the market selloff and charged higher today are listed below. Here's why they are on the rise:
The Afterpay Touch Group Ltd (ASX: APT) share price is up almost 2% to $35.90 despite there being no news out of the fast-growing payments company. However, its shares have been on a tear over the last couple of weeks thanks to bullish broker notes and a positive update on its dealings with AUSTRAC.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price is up 4% to $25.75 following an FDA review update. According to today's release, the FDA has notified the company that the Prescription Drug User Fee Act goal date for review of the submission of the SCENESSE scientific dossier has been confirmed as October 8. This means this time next week the company may finally have a decision on whether the product can go on sale in the United States.
The Mayne Pharma Group Ltd (ASX: MYX) share price has rocketed 17% higher to 62 cents. Investors have been buying the pharmaceutical company's shares after it revealed a major agreement with Mithra Pharmaceuticals. According to the release, Mayne Pharma has signed a 20-year exclusive supply and license agreement with Mithra Pharmaceuticals to commercialise a novel oral contraceptive comprising estetrol and drospirenone in the United States.
The ResApp Health Ltd (ASX: RAP) share price has returned from its trading halt and raced 9% higher to 27 cents. This morning the company announced that ResAppDx-EU has received Australian Therapeutics Goods Administration approval as a Class IIa medical device and is now listed on the Australian Register of Therapeutic Goods. ResAppDx-EU is the world's first smartphone-based diagnostic test for acute paediatric respiratory disease.
