It has been a disappointing day of trade for the S&P/ASX 200 Index (ASX: XJO) on Thursday. At the time of writing, the benchmark index is down 1% to 5,869.3 points.
Four shares that have not let that hold them back are listed below. Here’s why they are pushing higher today:
The Iron Road Limited (ASX: IRD) share price has rocketed 59% higher to 17.5 cents. This morning the iron ore company announced that it has entered into a joint development agreement with Macquarie Capital and Eyre Peninsula Co-operative Bulk Handling. The agreement provides the framework to advance development and financing plans for the proposed $250 million Cape Hardy Stage I multi-user, multi-commodity port facility.
The Nuchev Ltd (ASX: NUC) share price is up 7% to $1.99. This morning the junior infant formula company announced a strategic partnership with Blue Ocean International. Blue Ocean is a top tier distributor and will manage the sales and distribution of Nuchev’s premium Oli6 goat infant formula brand across a number of key platforms and territories in China.
The Telix Pharmaceuticals Ltd (ASX: TLX) share price is up 3% to $1.83. Investors have been buying the biopharmaceutical company’s shares after it provided an update on its TLX591-CDx product. According to the release, Telix has submitted a New Drug Application to the United States Food and Drug Administration for the prostate cancer imaging product.
The Treasury Wine Estates Ltd (ASX: TWE) share price has climbed 1.5% to $9.04. The catalyst for this gain appears to be a broker note out of Credit Suisse. According to the note, the broker has upgraded the wine company’s shares to an outperform rating with a $12.30 price target. It made the move largely on valuation grounds but also on the belief that the Penfolds brand image has been unaffected by anti-dumping investigations in China.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. 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.