In early afternoon trade the S&P/ASX 200 index is trading notably lower. At the time of writing the benchmark index is down 1.2% to 6,357.2 points.
Four shares that have not let that hold them back are listed below. Here's why they are storming higher:
The Asaleo Care Ltd (ASX: AHY) share price is up over 4% to $1.16. Investors have been buying the personal care products company's shares on the belief that it could benefit from the coronavirus outbreak. This is due partly to panic buying in supermarkets which has stripped the shelves bare of essential items like toilet rolls. Asaleo Care is the company behind the Sorbent brand.
The Avita Medical Ltd (ASX: AVH) share price has jumped over 8% to 64.5 cents. On Tuesday the regenerative medicine company provided an update on its RECELL System. According to the release, the company has commenced a pivotal study evaluating the RECELL System for soft tissue reconstruction. The first patient has been enrolled for the study at the Arizona Burn Center in Phoenix, Arizona.
The NEXTDC Ltd (ASX: NXT) share price is up 3.5% to $8.33. Investors have been buying the data centre operator's shares after it announced major new contract commitments in Victoria. According to the release, NEXTDC has increased its contracted commitments at its Victorian data centre facilities by 40% since December 31 to approximately 21MW. In addition to this, when including contracted expansion options, NEXTDC now has more than 28MW in Victoria.
The Northern Star Resources Ltd (ASX: NST) share price has stormed 6% higher to $14.00. Australia's gold miners are surging higher today after the gold price jumped overnight. The precious metal raced higher after the U.S. Federal Reserve held an emergency meeting and cut interest rates by 0.5%. At the time of writing the S&P/ASX All Ordinaries Gold index is up over 4.2%.
