In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and dropped lower. At the time of writing the benchmark index is down 1.3% to 5,157.9 points.
Four shares that are not letting that hold them back today are listed below. Here’s why they are climbing higher:
The AVITA Medical Ltd (ASX: AVH) share price is up 2.5% to 44 cents. Earlier this week the global regenerative medicine company announced its intention to redomicile to the United States. Management believes doing so will substantially reduce the costs, burden, resourcing and risks associated with its dual financial reporting and related compliance obligations. The company intends to list on the NASDAQ stock exchange.
The Perseus Mining Limited (ASX: PRU) share price is up 2.5% to $1.07. This follows a rebound in the gold price during Asian trade. According to CNBC, the price of the precious metal is up 1.15% to US$1,707 an ounce. This was quite a turnaround for the gold price after dropping lower overnight as investors fled to cash.
The Spark New Zealand Ltd (ASX: SPK) share price has climbed 4% to $4.20 after the telco company provided a positive update. Spark revealed that it is on course to deliver on its guidance in FY 2020. It expects EBITDAI of NZ$1.1 billion to $1.12 billion with capital expenditure of NZ$370 million. The New Zealand based telecommunications company also reaffirmed its dividend guidance for the year.
The WiseTech Global Ltd (ASX: WTC) share price has zoomed 10% higher to $15.13. Investors have been buying the logistics solutions company’s shares on Wednesday after it reaffirmed its guidance for FY 2020. Management advised that it expects to achieve revenue of $420 million to $450 million (growth of 21% to 29%) and EBITDA of $114 million to $132 million (growth of 5% to 22%). It also advised that due to its strong financial position, there are no plans to raise capital or debt.
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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 Avita Medical Limited. The Motley Fool Australia owns shares of WiseTech Global. 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.
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