The S&P/ASX 200 index is on course to start the week on a very disappointing note. In late morning trade the benchmark index is down 5.5% to 5,876.9 points.
Four shares that have not let that hold them back today are listed below. Here’s why they are storming higher:
The Clean TeQ Holdings Limited (ASX: CLQ) share price is up 3% to 19 cents. Investors have been buying the water treatment company’s shares after it provided a contract update. Clean TeQ advised that progress is being made towards securing an engineering, procurement and construction contract with Townsville City Council for a large-scale water recycling plant utilising its HiROx process and BioLense encapsulated bacteria. HiROx is an ultra-high recovery water treatment process which combines Clean TeQ’s continuous ion exchange technology with reverse osmosis.
The Medlab Clinical Ltd (ASX: MDC) share price has jumped 13% to 25.5 cents. This morning the cannabis focused biotech company provided an update on its NanaBis advanced cancer pain trial conducted at the Royal North Shore Hospital. According to the release, NanaBis met both the primary and secondary endpoints of the trial. Management advised that this allows it to now focus on Phase 3 designs.
The Newcrest Mining Limited (ASX: NCM) share price is up 4.5% to $30.40. The gold miner’s shares have been in demand with investors on Monday after the broad market selloff. Concerns over the coronavirus outbreak and a collapse in oil prices are weighing heavily on global markets. Safe haven assets such as gold, the gold miners, and treasury bonds have all benefited.
The Ramelius Resources Limited (ASX: RMS) share price is up over 3% to $1.37. As with Newcrest, increasing demand for safe haven assets is behind this strong gain. It isn’t just Newcrest and Ramelius which are charging higher in the gold mining industry. At the time of writing the S&P/ASX All Ordinaries Gold index is up a sizeable 2.5%.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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