The S&P/ASX 200 Index (ASX: XJO) is on course to record another disappointing decline on Tuesday. In afternoon trade the benchmark index is down 1.7% to 5,262.5 points.
Four shares that have not let that hold them back today are listed below. Here's why they are pushing higher:
The Evolution Mining Ltd (ASX: EVN) share price is up 4.5% to $4.97. Investors have been buying Evolution and other gold miners after the gold price rebounded strongly overnight. Concerns over the state of the global economy following a collapse in oil prices appears to have led to increasing demand for safe haven assets. The S&P/ASX All Ordinaries Gold index is up 2.2% this afternoon.
The Kogan.com Ltd (ASX: KGN) share price is up almost 3% to $6.69 following the release of its third quarter update. The ecommerce company revealed a sharp jump in sales during the quarter and particularly in March. Kogan's third quarter gross sales grew by more than 30% over the prior corresponding period. Whereas in March, sales and gross profits jumped more than 50% on the same period last year. This appears to have been driven by the closure of retail stores in March and its increased marketing spend.
The Nearmap Ltd (ASX: NEA) share price has jumped over 6.5% to $1.28. Investors have been buying the aerial imagery technology and location data company's shares after the release of a positive update this morning. As well as confirming that it is on track to achieve its guidance for FY 2020, Nearmap revealed plans to cut its costs by 30%. These plans are expected to lead to Nearmap being cash flow breakeven in FY 2020.
The Qantas Airways Limited (ASX: QAN) share price is up almost 2% to $1.88. Investors have been snapping up the airline operator's shares after its rival Virgin Australia Holdings Ltd (ASX: VAH) went into voluntary administration. If Virgin Australia doesn't emerge from administration it would give Qantas a near-monopoly of the domestic market. In addition to this, a collapse in oil prices overnight is a positive for airlines.
