In late morning trade the S&P/ASX 200 Index (ASX: XJO) has failed to follow the lead of U.S. markets and is dropping lower. The benchmark index is currently down 0.2% to 6,669.1 points.
Four shares that have not let that hold them back are listed below. Here's why they are charging higher:
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is up 2% to $25.69. This appears to have been driven by another rise in the iron ore price. According to CommSec, the spot iron ore price rose by a further 1.6% overnight to US$167.15 a tonne. Robust demand for the steel making ingredient in China has helped drive prices higher.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price has jumped a further 9.5% higher to $11.51. Investors have been fighting to buy the furniture retailer's shares after it provided guidance for the first half of FY 2021. Nick Scali revealed that it has performed very strongly during the half and expects to report a net profit of $40.5 million for the six months. This will be double what it recorded in the prior corresponding period.
Santos Ltd (ASX: STO)
The Santos share price is up over 4% to $6.60. This follows a jump in oil prices overnight after Saudi Arabia announced a surprise plan to cut its oil production in February and March. The world's second largest energy producer plans to cut production by 1 million barrels per day to combat lower demand because of COVID-19 lockdowns.
Zip Co Ltd (ASX: Z1P)
The Zip share price has risen 3% to $5.47. This appears to have been driven by news that it has signed a partnership with AsiaPay. AsiaPay is the leading digital payment service and technology player in Asia. The deal will see AsiaPay offer merchants the ability to accept digital mobile wallet payment via Zip, with a simple, secure, and private way to pay that's fast and convenient.
