In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down a sizeable 1.4% to 6,071.1 points.
Four shares that have not let that hold them back are listed below. Here’s why they are pushing higher:
Alcidion Group Ltd (ASX: ALC)
The Alcidion share price has risen 4% to 12.5 cents. Investors have been buying the healthcare technology company’s shares following the release of its first quarter update. Alcidion has had a strong start to FY 2021, with $4.8 million new contracted revenue sold in the first quarter. This was up 30% on the previous quarter and 92% on the prior corresponding period.
Blackmores Limited (ASX: BKL)
The Blackmores share price is up over 3.5% to $65.67 following the release of the health supplements company’s annual general meeting update. According to the release, management continues to expect profit growth in FY 2021. However, this will come predominantly from the second half of the financial year. The company also revealed that its restructuring is set to deliver $15 million of gross annualised savings from the second half.
Boral Limited (ASX: BLD)
The Boral share price is up 2.5% to $4.85. This morning the building products company released its annual general meeting presentation which included an update on its first quarter performance. Boral advised that its first quarter revenue was down 9% and its EBIT was down 5% on prior corresponding period. The company also revealed that it has agreed to sell its 50% interest in USG Boral to Knauf for US$1.015 billion.
CogState Limited (ASX: CGS)
The CogState share price has jumped a further 20% higher to $1.17. Hot on the heels of a major contract announcement on Monday, this morning CogState released its first quarter update. That update revealed contracted future revenue of $42.1 million, an increase of $2.7 million during the quarter.
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Returns as of 6th October 2020
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 Alcidion Group Ltd. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia has recommended Alcidion Group 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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