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Why Hansen, MDI, Monadelphous, & Titomic shares are racing higher today

racing higher

In afternoon trade the S&P/ASX 200 index is having another day to forget. At the time of writing the benchmark index is down a sizeable 1% to 6,655.9 points.

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

The Hansen Technologies Limited (ASX: HSN) share price is up 2% to $3.49 on the day of its annual general meeting. At the meeting the billing technology company reiterated its FY 2020 guidance. It continues to expect operating revenue of $305 million to $310 million and EBITDA in the range of $70 million to $76 million.

The Medical Developments International Ltd (ASX: MVP) share price has jumped 5.5% to $6.34. This morning the healthcare company announced that the Chinese National Medical Product Administration has approved the opening of the company’s Investigative New Drug (IND) application. This application is a critical step to having its Penthrox product approved for sale in the massive China market. Its submission in China is to have it approved for two separate indications – trauma pain and procedural pain.

The Monadelphous Group Limited (ASX: MND) share price is up 2.5% to $16.44. Late on Wednesday the engineering company announced that it has been awarded a five-year contract with mining giant Rio Tinto Limited (ASX: RIO). This contract is for the provision of fixed plant maintenance and shutdown services at Rio Tinto’s iron ore operations in the Pilbara region of Western Australia. The contract has a value of over $100 million in aggregate over a five-year period.

The Titomic Ltd (ASX: TTT) share price has rocketed 15% higher to $1.29. This morning the company unveiled the world’s largest additive manufactured Titanium part at the FormNext trade show. The 5.5 metre long rocket was manufactured with the Titomic TKF 9000 system. The release explains that Titomic was able to manufacture the rocket in just 27.6 hours using its system.

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Returns as of 6th October 2020

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 Hansen Technologies and Medical Developments International Limited. The Motley Fool Australia has recommended Hansen Technologies and Medical Developments International Limited. 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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