In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is dropping lower. The benchmark index is currently down 0.3% to 6,570.8 points.
Four shares that have not let that hold them back are listed below. Here's why they are charging higher:
Laybuy Holdings Ltd (ASX: LBY)
The Laybuy share price is up 1.5% to $1.42. Investors have been buying the buy now pay later provider's shares after the release of its November update. According to the release, Laybuy achieved gross merchandise value (GMV) of NZ$71 million in November. This represents an increase of 56% on October's GMV. It is also well ahead of management's guidance for November GMV of NZ$61 million.
Mesoblast limited (ASX: MSB)
The Mesoblast share price has jumped 6% higher to $4.38. The catalyst for this was the release of an announcement relating to its remestemcel-L product. Mesoblast revealed that the United States Food and Drug Administration (FDA) has granted Fast Track designation for remestemcel-L in the treatment of acute respiratory distress syndrome (ARDS) due to COVID-19 infection. The Mesoblast share price was up as much as 19% in early trade.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire Resources share price is up a further 9.5% to $5.26. Investors have been buying the copper producer's shares this week following its strategy update. One broker that was pleased with what it heard at the update was Morgan Stanley. This morning its analysts retained their overweight rating and $6.60 price target on its shares. It was particularly pleased with its T3 progress.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price has zoomed over 7% higher to $3.99. This follows the release of two positive announcements this morning. The biopharmaceutical company revealed that the US FDA has approved the institutional use of its Ga-PSMA-11 product at the University of California, Los Angeles and the University of California, San Francisco under an academic New Drug Application submission. It also advised that the TGA has given it approval to commence its first-in-human Phase I study of its next generation prostate cancer therapy product, TLX592, in patients with advanced prostate cancer.
