In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is trading lower. At the time of writing the benchmark index is down 1% to 4,907 points.
Four shares that have not let that hold them back are listed below. Here’s why they are storming higher:
The BlueScope Steel Limited (ASX: BSL) share price is up 6% to $9.99. Although the steel manufacturer withdrew its guidance today, it confirmed that its unaudited financial performance has been in line with company expectations. Management revealed that demand in Australia remains solid, driven by steel use in the building sector and demand from distribution channels.
The MNF Group Ltd (ASX: MNF) share price has jumped 18.5% higher to $3.51. Investors have been buying the communications technology company’s shares following the release of a trading update. That update revealed that MNF has been experiencing a strong demand for its services because of the coronavirus. The demand appears to be coming from businesses that have made their employees work from home.
The Ramsay Health Care Limited (ASX: RHC) share price is up 3% to $56.04. This solid gain appears to have been driven by a broker note out of Citi this morning. According to the note, the broker has upgraded the private hospital operator’s shares to a buy rating with a $75.00 price target. It sees value in its shares after a sharp pullback in its share price this month.
The Rio Tinto Limited (ASX: RIO) share price has stormed 6.5% higher to $85.14. Investors have been buying Rio Tinto and other miners with exposure to iron ore on Thursday. This follows news that iron ore giant Vale has downgraded its shipments guidance to China. This has been caused by coronavirus issues in Malaysia which have been disrupting its distribution centre.
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Returns as of 6th October 2020
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of MNF Group Limited. The Motley Fool Australia has recommended MNF Group Limited and Ramsay Health Care Limited. 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.