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Why De Grey, Fisher & Paykel Healthcare, Perseus, & PolyNovo shares are charging higher

In late morning trade the S&P/ASX 200 Index (ASX: XJO) is following the lead of U.S. markets and tumbling notably lower. At the time of writing the benchmark index is down 1.35% to 5,824.3 points.

Four shares that have not let that hold them back today are listed below. Here’s why they are charging higher:

The De Grey Mining Limited (ASX: DEG) share price has continued its sensational run and is up over 3% to 92.2 cents. The gold-focused mineral exploration company’s shares have been on fire this year thanks to some impressive drilling results from the Hemi prospect. These results appear to indicate that the company is sitting atop a major resources.

The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price has climbed almost 5% to $31.03. Investors have been buying the medical device company’s shares after the release of its full year results. For the 12 months ended 31 March 2020, the company delivered an 18% lift in operating revenue to NZ$1.26 billion and a 37% jump in net profit after tax to NZ$287.3 million. Further growth has been forecast for FY 2021, thanks largely to its Hospital products segment.

The Perseus Mining Limited (ASX: PRU) share price is up over 3.5% to $1.27. Investors have been buying the gold miner’s shares after the price of the precious metal jumped higher on Friday night. Investors were buying gold after a spike in coronavirus cases led to increased demand for safe haven assets. The S&P/ASX All Ordinaries Gold index is up 1.8% at the time of writing.

The Polynovo Ltd (ASX: PNV) share price has stormed over 4.5% higher to $2.64. This is despite there being no news out of the medical device company. However, as I mentioned here last week, one leading fund manager believes that PolyNovo’s shares are undervalued at the current level. This could have given them a boost today.

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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 POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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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