The S&P/ASX 200 index is tumbling lower on Wednesday amid rising tensions in the Middle East. In afternoon trade the benchmark index is down a sizeable 0.6% to 6,787.7 points.
Four shares that have not let that hold them back today are listed below. Here's why these shares are pushing higher:
The Codan Limited (ASX: CDA) share price is up 3% to $7.64. At one stage today the electronic products company's shares hit an all-time high. The catalyst for this appears to have been a jump in the gold price following Iran's attack on U.S. bases in Iraq. A strong gold price could lead to increasing demand for Codan's metal detectors.
The Independence Group NL (ASX: IGO) share price has jumped 8% higher to $7.03. This morning the nickel producer released its first half production update. That update reveals that the company's production during the half was well ahead of where it should be to achieve its FY 2020 guidance. Another positive is that management appears confident its strong form can continue in the second half.
The Resolute Mining Limited (ASX: RSG) share price is up over 4% to $1.28. As well as getting a boost from a rise in the gold price, investors have responded positively to its production update. That update revealed that strong production from its other operations partially offset the loss of production at its key Syama operation. This was due to previously announced issues with the sulphide circuit at the Mali-based operation. This issue has now been resolved.
The Santos Ltd (ASX: STO) share price is up 2% to $8.96. This follows a spike in oil prices after Iran attacked U.S. air bases in Iraq. According to CNBC, both Brent and WTI crude oil surged over 4% higher after Iran attacked U.S. bases in Iraq.
