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.
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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 Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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