The S&P/ASX 200 Index (ASX: XJO) has failed to build on yesterday’s strong gains and is trading notably lower on Wednesday. At the time of writing the benchmark index is down 3% to 5,137.2 points.
Four shares that have not let that hold them back today are listed below. Here’s why they are surging higher:
The Bubs Australia Ltd (ASX: BUB) share price has jumped 8% to 52 cents after providing an update on the coronavirus impact. The infant formula and baby food company advised that it has been experiencing very strong demand for its products. It is also working hard with supermarkets and other retailers to ensure the continuation of supply.
The OFX Group Ltd (ASX: OFX) share price has rocketed 18% higher to $1.25. Investors have been buying the foreign exchange and money transfer company’s shares following the release of a trading update. While market conditions in the first few months of the second half have been mixed, volatility related to market uncertainty from COVID-19 has stimulated trading activity across both the Consumer and Corporate segments.
The Pushpay Holdings Ltd (ASX: PPH) share price has jumped 14% to $3.09 after the release of a trading update. According to the release, the donor management platform provider hasn’t been impacted financially by the global coronavirus pandemic. In fact, it notes that although a number of churches have closed their doors, demand for its services is increasing as church congregations utilise its mobile technology solutions for a range of their activities.
The Sigma Healthcare Ltd (ASX: SIG) share price has surged 13% higher to 60 cents. This morning the pharmacy chain operator and distributor announced a major contract renewal. According to the release, its first-line agreement for the supply of all pharmaceutical and over the counter products with the Pharmacy Alliance (PAL) Group has been renewed for a further five years.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia has recommended BUBS AUST FPO. 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.