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Why Avita Medical, Bravura, Dicker Data, & Paradigm shares are racing higher

In afternoon trade the S&P/ASX 200 index has given back its morning gains and dropped lower. At the time of writing the benchmark index is trading 0.2% lower at 6,714.3 points.

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

The Avita Medical Ltd (ASX: AVH) share price has stormed 9% higher to 71.5 cents. Investors have been buying the medical technology company’s shares after it was added to the ASX 200 index. Avita Medical will replace Aveo Group (ASX: AOG) in the benchmark index on November 14 when the retirement communities operator is acquired by Brookfield Asset Management Inc.

The Bravura Solutions Ltd (ASX: BVS) share price is up almost 5% to $4.33 despite there being no news out of the financial services platform provider. However, a good number of tech shares are charging higher on Friday following positive trade talk developments between the United States and China. So much so, the S&P/ASX 200 Info Tech index is trading 1.4% higher this afternoon.

The Dicker Data Ltd (ASX: DDR) share price has risen 3% to $6.76. Investors have been buying the shares of the wholesale distributor of computer hardware and software following a positive announcement. That announcement revealed that Dicker Data has been appointed as Check Point’s newest distributor for the Australian market. Check Point is a multinational provider of software and combined hardware and software products for IT security.

The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price is up almost 3% to 3.01. This gain appears to be in relation to the biopharmaceuticals company’s annual general meeting update on Thursday. As I mentioned here, that presentation reminded investors of the massive market opportunity its ZILOSUL drug has. This drug is aiming to treat osteoarthritis, which is a market with over 31 million sufferers in the United States alone.

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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 Bravura Solutions Ltd. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. The Motley Fool Australia has recommended Bravura Solutions 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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