The S&P/ASX 200 index is on course to give back some of yesterday's strong gains. In afternoon trade the benchmark index is down 1.3% to 5,862.5 points.
Four shares that have not let that hold them back are listed below. Here's why they are charging higher:
The Dicker Data Ltd (ASX: DDR) share price has jumped 8% to $5.93. This computer hardware and software distributor's strong share price gain appears to have been triggered by a bout of insider buying. On Tuesday two directors revealed that they had bought shares on-market this week. One director picked up a sizeable 29,806 shares and another director snapped up a more modest 3,000 shares.
The Fortescue Metals Group Limited (ASX: FMG) share price is up 5% to $9.62. This morning analysts at Ord Minnett upgraded the iron ore producer's shares to an accumulate rating with an $11.00 price target. Whilst it acknowledges that the coronavirus outbreak could hold back its shares in the short term, it believes they offer significant value to investors at the current level. In light of this, it expects investors to be rewarded for dealing with the short term pain.
The RPMGlobal Holdings Ltd (ASX: RUL) share price has surged almost 7% higher to 95 cents. Investors have been buying the mining software solutions company's shares after it provided an update on its software subscriptions. According to the release, the Total Contracted Value (TCV) from its software subscriptions has now reached $25.4 million. This is up a sizeable $3.9 million or 18.1% since its last update on February 20.
The Seven West Media Ltd (ASX: SWM) share price has rocketed 23% higher to 13.5 cents. This media company's shares are bouncing back strongly today after falling heavily this week. As well as market volatility, Seven West's shares came under pressure after UBS downgraded them to a neutral rating with a 12 cents price target. The broker believes the coronavirus outbreak is going to weigh on advertising revenues in Australia in the near term.
