The S&P/ASX 200 index has followed the lead of U.S. markets and is trading lower on Wednesday. In afternoon trade the benchmark index is down 0.2% at 6,658.2 points.
Four shares that have not let that hold them back are listed below. Here's why they have surged higher:
The Redbubble Ltd (ASX: RBL) share price has rocketed 22% higher to $1.78 following its first quarter update. This morning the leading global marketplace operator for independent artists revealed that it has started the year strongly. During the first quarter Redbubble reported a 43% lift in marketplace revenue to $70 million. This was driven by further strong growth from its TeePublic business and supported by solid growth from the core Redbubble business. It also reported a jump in active members to 2.8 million.
The Saracen Mineral Holdings Limited (ASX: SAR) share price has charged 5% higher to $3.71 a day after the release of its quarterly update. One broker that liked what it saw was Macquarie. A note released this morning reveals that its analysts have retained their outperform rating and $4.30 price target on the gold miner's shares. It felt Saracen's performance was strong, especially its cash generation.
The Western Areas Ltd (ASX: WSA) share price has risen 5% to $3.29. This morning the nickel producer released its first quarter update. According to the release, it delivered another consistent performance in line with production and cost guidance. Combined with a strong rise in nickel prices, this led to Western Areas reporting strong operational cashflow.
The WiseTech Global Ltd (ASX: WTC) share price has returned from its trading halt and stormed over 5% higher to $27.71. Investors have been buying the logistics solutions company's shares today after it responded to a second short seller report by J Capital. In addition to providing a comprehensive rebuttal, management reiterated its revenue and earnings guidance for FY 2020. This is for revenue of $440 million to $460 million and EBITDA of $145 million to $153 million. Which represents annual growth of 26% to 32% and 34% to 42%, respectively.
