It has been a very disappointing day of trade for the S&P/ASX 200 index on Tuesday. In afternoon trade the benchmark index is down a sizeable 1.95% to 6,728.6 points.
Four shares that have defied the market sell off today are listed below. Here’s why they are pushing higher:
The FAR Ltd (ASX: FAR) share price is up 2% to 4.7 cents. This morning the oil and gas producer announced that the final Sangomar Field Development and Exploitation Plan was submitted to the Government of Senegal on December 2. The Development and Exploitation Plan outlines the full field multi-phase development of oil and gas and details how the Sangomar Field will be developed in a series of phases with plans for 645 mmboe to be developed.
The Medical Developments International Ltd (ASX: MVP) share price is up 2.5% to $7.28 despite there being no news out of the healthcare company. However, the Medical Developments International share price has been on fire this year thanks to positive developments in the United States and China for its Penthrox pain management product.
The MGC Pharmaceuticals Ltd (ASX: MXC) share price has jumped 6% higher to 3.5 cents. Investors have been buying the cannabis company’s shares after it announced the receipt of formal approval for the sale of CannEpil in Ireland. CannEpil is one of MGC Pharma’s Investigational Medicinal Products to treat drug resistant epilepsy. This makes it one of the first cannabinoid-based medicines approved for prescription and sale under the Irish Government’s Medical Cannabis Access Programme.
The Western Areas Ltd (ASX: WSA) share price is up 1% to $2.85. The catalyst for this gain was a broker note out of Morgans this morning. According to the note, the broker has initiated coverage on the nickel producer with an add rating and $3.39 price target. Morgans is positive on nickel due to its use in stainless steel and battery manufacturing.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended 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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