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The S&P/ASX 200 Index (ASX: XJO) hasn't been able to build on yesterday's strong gains and is sinking lower on Wednesday. At the time of writing the benchmark index is down 0.9% to 5,984.8 points.
Four shares that have not let that hold them back are listed below. Here's why they are racing higher:
The Mesoblast limited (ASX: MSB) share price is up almost 5% to $4.32. This is despite there being no news out of the company. However, one potential catalyst could be news relating to a competing COVID-19 treatment. According to CNBC, Novavax's vaccine candidate delivered promising results, but there were concerns about its safety.
The Northern Star Resources Ltd (ASX: NST) share price has climbed over 3% to $16.25. Investors have been buying Northern Star and other gold miners on Wednesday after the gold price stormed to a new record high overnight. Traders were buying the precious metal amid optimism the U.S. will launch major new stimulus to safeguard the economy. At the time of writing the S&P/ASX All Ordinaries Gold index is up 2.3%.
The PointsBet Holdings Ltd (ASX: PBH) share price is up 2% to $6.11. This morning the sports betting company announced a multi-year agreement with Pacers Sports & Entertainment. This will see it become an official sports gaming partner of the Indiana Pacers of the NBA. As part of the agreement, PointsBet branding will be displayed along the out-of-bounds space between the baseline and the team bench. Management notes that this represents the first time a sports betting operator will occupy that space.
The Splitit Ltd (ASX: SPT) share price has jumped 10% higher to $1.50. This morning the buy now pay later company announced that it has received firm commitments to raise $90 million (before costs) in new equity. These funds will be raised via a fully committed two-tranche share placement to institutional, sophisticated, and professional investors. Splitit is raising the funds at a price of $1.30 per share, which represents a discount of 4.8% to its last close price. The proceeds from the equity raising will be used to accelerate its high-growth strategy.
