In afternoon trade the S&P/ASX 200 index has recovered some of its early decline but is still trading notably lower. At the time of writing the benchmark index is down 1.3% to 6,354.1 points.
Four shares that have defied the market selloff and pushed higher are listed below. Here’s why they are climbing higher:
The Coles Group Ltd (ASX: COL) share price is up over 2.5% to $14.59. This solid gain has been driven by a broker note out of the Macquarie equities desk this morning. According to the note, the broker believes the recent pullback in Coles’ share price is a buying opportunity. As a result, they have upgraded the supermarket operator’s shares to an outperform rating with a $17.20 price target.
The Freedom Foods Group Ltd (ASX: FNP) share price is up over 4.5% to $4.28. This morning analysts at Goldman Sachs retained their conviction buy rating on this diversified food company’s shares. They believe Freedom Foods is largely on track to deliver 50% EBITDA CAGR from FY 2019 to FY 2022. This is based on the growth of both nutritional dairy and plant-based beverages, supported by a positive long-term macro outlook. Goldman has a $6.25 price target on its shares.
The Hansen Technologies Limited (ASX: HSN) share price is up 5% to $3.34. Investors appear to be taking advantage of a pullback in the billing software company’s shares last week following its half year update. Hansen’s shares dropped lower after it downgraded its operating revenue guidance to the range of $300 million to $305 million. This compares to its previously guidance for revenue in the range of $305 million to $310 million.
The Liquefied Natural Gas Ltd (ASX: LNG) share price has jumped 30% higher to 15 cents. Investors have been buying the liquefied natural gas producer’s shares after it revealed that it has received a takeover approach. The company has had an offer from Singapore-based LNG9 to acquire all of its issued ordinary shares via an off-market takeover. The offer price of 13 U.S. cents per share equates to 19.8 Australian cents per share. Liquefied Natural Gas’ directors have recommended the offer.