It has been another day of heavy falls across on the board on the S&P/ASX 200 Index (ASX: XJO), with few companies escaping the sea of red.
Here we look at four ASX shares that have defied this trend to see strong share price rises today.
Clinuvel Pharmaceuticals Limited (ASX: CUV)
Shares in Clinuvel are up strongly by 6.4% at the time of writing, following share price rises on the previous two trading days of last week. Today, Clinuvel announced that it plans to launch its drug SCENESSE in the US in April.
In October 2019, SCENESSE was approved by the US Food and Drug Administration (FDA) for the treatment of rare metabolic disorder erythropoietic protoporphyria (EPP).
Earlier in March, Clinuvel announced it had secured a meeting with the FDA to move forward the use of SCENESSE for the treatment of vitiligo. Vitiligo is a skin disorder characterised by the appearance of white to off-white skin patches in different parts of the body due to the loss of melanin production. If its program passes the necessary safety and efficacy tests, Clinuvel will next seek to file a supplemental New Drug Application for SCENESSE.
Corporate Travel Management Ltd (ASX: CTD)
Corporate Travel shares are up by 3% today and this follows a 19% share price rise last Friday. Corporate Travel’s share price rise over the past two days comes on the back of a very sharp fall in its share price in recent weeks.
ASX travel shares across the board have been subject to heavy sell-offs as our airline industry almost grinds to a halt. Other ASX travel shares that have been hit hard in recent weeks include Webjet Limited (ASX: WEB), Flight Centre Travel Group Ltd (ASX: FLT), Qantas Airways Limited (ASX: QAN) and Virgin Australia Holdings Ltd (ASX: VAH). I think Corporate Travel’s share price rise today is due to further bargain hunters entering the market.
Sonic Healthcare Limited (ASX: SHL)
Sonic Healthcare shares are trading 7% higher today at the time of writing. The medical diagnostics company continues to work with governments and other healthcare organisations to play its role in the growing coronavirus pandemic.
Sonic is also working closely with manufacturers and suppliers to try to ensure that it has enough of the necessary materials and equipment for coronavirus testing. The company has acknowledged, however, that as more people self-isolate, there is potential for its diagnostic testing volumes to be impacted in the short term.
Sydney Airport Holdings Pty Ltd (ASX: SYD)
After initially falling nearly 10% in early trade, the Sydney Airport share price is up by 5% today at the time of writing, following an ASX market update this morning regarding the coronavirus outbreak.
Sydney Airport is now preparing with its airline partners for a significant but temporary reduction in international and domestic traffic. The company commented on its current solid financial position, which it believes will position it well to ride out the current coronavirus crisis.
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Motley Fool contributor Phil Harpur owns shares of Corporate Travel Management Limited and Webjet Ltd. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited, Flight Centre Travel Group Limited, Sydney Airport Holdings Limited, and Webjet Ltd. The Motley Fool Australia has recommended Sonic Healthcare 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.