Two S&P/ASX 200 Index (ASX: XJO) shares are storming higher today, shaking off the wider market bloodbath.
With the ASX 200 down a precipitous 3.05% in afternoon trade on Monday, these shares stand out from the sea of red.
The stocks in questions are sleep disorder treatment company ResMed Inc (ASX: RMD) and fast-food pizza retailer Domino's Pizza Enterprises Ltd (ASX: DMP).
Here's what's happening.
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Two ASX 200 shares defying Monday's stock market selloff
The Domino's Pizza share price is storming higher against today's falling market tide.
Domino's shares closed Friday trading for $29.56 a share. In early afternoon trading, shares are changing hands for $30.79 apiece, up 4.2%.
There's been no price sensitive news out from Domino's since 17 July.
But it's worth noting that the ASX 200 share closed down a painful 9.3% on Friday. So, I expect there may be some bargain hunting going on, with shares down about 48% in 2024.
The most recent pain has come after Domino's reported the pending closure of hundreds of its stores in Japan and France in mid-July.
Investors may also now be cottoning on to Goldman Sachs' forecast for Domino's shares.
In late July, the broker said that Domino's is now "trading at an undemanding [price to earnings] PE valuation" relative to its long-term average.
"As such we believe the stock now offers an attractive entry point," Goldman Sachs noted. The broker has a buy rating on Domino's shares with a $42.20 price target. That represents a potential upside of 37% from current levels.
Which brings us to ResMed, the second ASX 200 share leaping higher today even as the broader market tanks.
The ResMed share price closed Friday trading at $31.80. At time of writing, shares are swapping hands for $33.07 apiece, up 4%. That sees the ResMed share price up just over 30% year to date.
As for today's market-defying gains, it looks like Aussie investors are playing catch-up with their US counterparts.
You see, the ResMed share price closed down 1.8% on Friday on the ASX following the release of the company's fourth quarter update.
But the ASX 200 share is also listed on the New York Stock Exchange. And ResMed shares gained 4.2% on the NYSE on Friday as investors digested that same update.
Highlights from the quarter included a 9% boost in revenue to US$1.2 billion.
With gross margins also improving, the board lifted ResMed's quarterly dividend payout by 10% to 5.3 US cents per share.
