It looks set to be a disappointing end to the week for the S&P/ASX 200 index. In afternoon trade the benchmark index is trading 0.6% lower at 6,643.1 points.
Four shares that have not let that hold them back are listed below. Here’s why they are ending the week on a high:
The Bravura Solutions Ltd (ASX: BVS) share price has jumped 7% to $4.02 despite there being no news out of it. However, the shares of the provider of software products and services to the wealth management and funds administration industries are trading notably lower than their 52-week high. This could mean that bargain hunters are swooping in today to pick up shares at an attractive price.
The IOOF Holdings Limited (ASX: IFL) share price has climbed 3.5% to $7.31. The catalyst for today’s gain has been news that APRA will not be appealing the recent Federal Court ruling. Last month the Court held that IOOF’s APRA regulated entities and five employees did not contravene the Superannuation Industry Act 1993. This is the second consecutive day of strong gains. On Thursday IOOF’s shares raced higher following a positive update on its acquisition of the Australia and New Zealand Banking Group (ASX: ANZ) Wealth Pension and Investments business.
The Opthea Ltd (ASX: OPT) share price has stormed 5.5% higher to $3.51. Investors have been buying the biotech company’s shares after the release of a positive broker note out of Goldman Sachs. This morning it reiterated its (conviction) buy rating and lifted its price target to $5.20. Recent events mean the broker sees a clearer path to a favourable Phase III outcome and ultimately a greater chance of approval for OPT-302. OPT-302 is a combination therapy for treatment-naïve patients with wet age-related macular degeneration (AMD). The broker believes it has a ~US$10 billion market opportunity.
The Whispir Limited (ASX: WSP) share price has been a strong performer and is up 9% to $1.68. This morning the software-as-a-service communications workflow platform provider released its first quarter update. According to the release, Whispir has started FY 2020 strongly, with quarterly Annualised Recurring Revenue of $34.5 million. This was a 10% increase since the end of June and puts Whispir ahead of its prospectus forecast.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Bravura Solutions Ltd. The Motley Fool Australia has recommended Whispir 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.
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