The S&P/ASX 200 Index (ASX: XJO) has started the week on a disappointing note. In afternoon trade the benchmark index is down 1.3% to 5,417.9 points.
Four shares that have not let that hold them back today are listed below. Here's why they are pushing higher:
The Fortescue Metals Group Limited (ASX: FMG) share price is up 1% to $11.40. Investors have been buying Fortescue's shares after iron ore giant Vale downgraded its guidance again. Iron ore annual production forecast has been reduced to 310 million to 330 million tonnes from its prior outlook of 340 million to 355 million tonnes. The company revealed that its first quarter iron ore output fell 18.2% due to coronavirus disruptions. This reduction in supply should be supportive of iron ore prices and good news for Fortescue.
The Macquarie Group Ltd (ASX: MQG) share price is up 1% to $101.43 despite there being no news of the investment bank. However, with its shares down 33% from their 52-week high, some investors may believe they offer a lot of value for money at the current level. Macquarie will be releasing its full year results in just under three weeks on May 8.
The Tyro Payments Ltd (ASX: TYR) share price has pushed 2.5% higher to $2.92. This follows the release of the payments company's transaction value data for the week ending April 17. According to the release, Tyro's total transaction value on a same day-on-day basis came to $0.496 billion, down 43% on the prior corresponding period. This decline is broadly in line with what it reported a week earlier. This appears to show that things are stabilising now.
The Whispir Ltd (ASX: WSP) share price is up 3.5% to $1.55 following the release of its quarterly update. This morning the communications workflow platform provider revealed a 10.4% quarter on quarter jump in Annualised Recurring Revenue to $40.5 million. This was driven by a record addition of 49 net new customers and increased platform use by existing customers.
