The S&P/ASX 200 Index (ASX: XJO) is out of form and on course to record a disappointing decline. In late morning trade the benchmark index is down 1.45% to 5,387.6 points.
Four shares that have not let that hold them back today are listed below. Here's why they are pushing higher:
The A2 Milk Company Ltd (ASX: A2M) share price is up 1.5% to $18.37. Earlier today the infant formula company's shares climbed to an all-time high of $18.61. Investors have been buying its shares following the release of a very strong quarterly update from smaller rival Bubs Australia Ltd (ASX: BUB) this week. That update revealed that demand for infant formula products has been strong during the pandemic.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price is up 4% to $27.36. Investors appear to be taking advantage of a recent pullback in its share price caused by profit taking. The medical device company's shares have been on fire in 2020 due to increasing demand for respiratory products because of the coronavirus pandemic.
The Star Entertainment Group Ltd (ASX: SGR) share price is up 5% to $2.46 following an update on its COVID-19 response. According to the update, the company has executed an additional debt funding facility for $200 million. This gives Star available cash and undrawn debt facilities of ~$700 million. Management believes this provides sufficient liquidity for an extended period of shutdown of its properties.
The Starpharma Holdings Limited (ASX: SPL) share price has rocketed 24% higher to $1.16. This follows the release of an update on a COVID-19 study. According to the release, Starpharma's proprietary VivaGel active, astodrimer sodium (SPL7013), has been shown in laboratory studies to have significant antiviral activity against the coronavirus that causes COVID-19. The study shows that SPL7013 inhibited the infection of cells with the SARS-CoV-2 virus.
