In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is sinking lower. At the time of writing the benchmark index is down 2% to 5,885.8 points.
Four shares that have defied the selloff and pushed higher are listed below. Here's why they are climbing higher today:
The BrainChip Holdings Ltd (ASX: BRN) share price is up 14% to 83 cents. Investors continue to buy the artificial intelligence technology company's shares after it announced a collaboration with VORAGO Technologies at the start of the month. This collaboration intends to support a Phase 1 NASA program for a neuromorphic processor that meets spaceflight requirements. Today's gain means BrainChip now has a market capitalisation of over $1.25 billion. Given its limited cash balance, I suspect the company may take advantage of its remarkable share price rise with a capital raising in the near future.
The Codan Limited (ASX: CDA) share price is up 1% to $10.98 after announcing a major new contract win. This contract is with a large African government to supply tactical communications equipment. Management advised that the contract has a value in the order of US$10 million and includes the supply of Sentry-HTM radios and accessories. It expects this order to be delivered in the second half of FY 2021.
The IPH Ltd (ASX: IPH) share price has climbed over 2% to $6.80. This is despite there being no news out of the intellectual property services company. However, late last month analysts at Goldman Sachs slapped a buy rating and $8.90 price target on the company's shares. Some investors may believe it is a bargain buy and one to snap up during the volatility.
The Nufarm Limited (ASX: NUF) share price is up 3% to $4.25. This is the second day in a row of solid gains for the agricultural chemicals company. The catalyst for this appears to be a broker note out of Morgans this week. Its analysts upgraded Nufarm's shares to an add rating with an improved price target of $4.85. While it expects a soft FY 2020 result later this month, its analysts suspect that this could be the bottom of the cycle.
