In late morning trade the S&P/ASX 200 Index (ASX: XJO) is dropping lower and on course to end its winning streak. The benchmark index is currently down 0.4% to 5,917.6 points.
Four shares that have not let that hold them back today are listed below. Here’s why they are storming higher:
The Baby Bunting Group Ltd (ASX: BBN) share price is up 6% to $1.74. Investors have been buying the baby products retailer’s shares after the release of a trading update this morning. According to the release, Baby Bunting’s FY 2021 comparable store sales growth to 2 October was 17%. Excluding its stores in the Melbourne metropolitan region, its comparable store sales would have been up 28.5%.
The Northern Star Resources Ltd (ASX: NST) share price has jumped 7% higher to $14.81 after announcing a merger with Saracen Mineral Holdings Limited (ASX: SAR). Management notes that the merger will create a top 10 global gold company targeting production of 2 million ounces of gold per annum exclusively in tier-1 locations. It also expects the merger to result in unique pre-tax synergies of $1.5 billion to $2 billion.
The Oil Search Limited (ASX: OSH) share price is up almost 4% to $2.81. The catalyst for this was a strong rebound in oil prices overnight. Prices jumped higher amid a combination of COVID-19 stimulus hopes and production disruption in Norway. The S&P/ASX 200 Energy index is up 1.7% at the time of writing.
The Telix Pharmaceuticals Ltd (ASX: TLX) share price has stormed almost 6% higher to $1.74. This follows an announcement which revealed that the clinical-stage biopharmaceutical company’s 18F-FET product has been granted Orphan Drug Designation for the positron emission tomography (PET) imaging of glioma by the US FDA. The granting of this designation qualifies Telix for various drug development incentives. These could include FDA-administered market exclusivity for seven years and waived FDA prescription drug user fees.