The S&P/ASX 200 Index (ASX: XJO) has failed to follow the lead of US markets and is dropping lower on Wednesday. In late morning trade the benchmark index is down 0.1% to 6,673.6 points.
Four shares that have not let that hold them back are listed below. Here's why they are storming higher:
Oil Search Ltd (ASX: OSH)
The Oil Search share price is up 4% to $4.35. Investors have been buying the energy producer's shares after a solid rise in oil prices overnight. It isn't just the Oil Search share price on the up today. At the time of writing, the S&P/ASX 200 Energy index is up a sizeable 3.2%.
Praemium Ltd (ASX: PPS)
The Praemium share price has surged 11.5% higher to 68 cents following the release of its second quarter update. During the quarter, the investment platform provider achieved record platform inflows of $1.1 billion. This was up 128% compared to last year's December quarter inflows. This means Praemium's global funds under administration increased 10% during the quarter to $34.3 billion.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price has jumped 15.5% to $25.99. Investors have been buying the retail conglomerate's shares after it released its guidance for the first half of FY 2021. For the 27 weeks ending 30 January, the company revealed that expects its Retail segment to achieve earnings before interest and tax (EBIT) of between $221 million to $233 million. This will be up between 75% and 85% on the 26 weeks ended 25 January 2020.
Universal Store Holdings Ltd (ASX: UNI)
The Universal Store share price has stormed 11.5% higher to $5.74. This follows the release of a very strong trading update from the fashion retailer this morning. According to the release, Universal Store expects its underlying EBIT to be in a range of $30 million to $31 million for the half. This represents growth of between 61% and 67% on the prior corresponding period. This was driven by strong like for like sales growth and gross margin improvements.
