The S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is crashing lower on Friday. In late morning trade the benchmark index is down 2.6% to 5,952.9 points.
Four shares that have not let that hold them back are listed below. Here’s why they are pushing higher:
The Brainchip Holdings Ltd (ASX: BRN) share price is up 5% to 52.5 cents. This appears to have been driven by news that the artificial intelligence technology company’s shares will be added to the S&P/ASX All Technology Index at the next quarterly rebalance. In addition to this, earlier this week Brainchip announced a collaboration with VORAGO Technologies. This collaboration is intended to support a Phase 1 NASA program for a neuromorphic processor that meets spaceflight requirements.
The De Grey Mining Limited (ASX: DEG) share price has climbed 3.5% to $1.31. Investors have been buying the gold-focused mineral exploration company’s shares after it was added to a major index at the next rebalance. De Grey’s shares will be added to the ASX 300 index on 21 September. Its shares have been on fire this year after some very positive drilling results at its Hemi prospect.
The Mesoblast limited (ASX: MSB) share price is up 1.5% to $5.17. This morning the biotech company revealed that the independent Data Safety Monitoring Board (DSMB) has recommended that it continues with its Phase 3 trial of remestemcel-L in patients with moderate to severe acute respiratory distress syndrome due to COVID-19 infection. This follows the completion of the trial’s first interim analysis.
The SKYCITY Entertainment Group Limited (ASX: SKC) share price is up 2% to $2.53. This morning analysts at Credit Suisse retained their outperform rating and lifted their price target on its shares to NZ$3.00 (A$2.77) following the release of its full year results. Its result came in ahead of expectations and the broker was pleased with its trading update.
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More reading
- 3 defence ASX shares set for explosive growth
- ASX 200 rises 0.8%, investors bet on SkyCity
- The Mesoblast share price rocketed 40% higher in August: Is it too late to invest?
- Why IOOF, SKYCITY, Starpharma, & Telix shares are storming higher
- ASX 200 up 1%: Big four banks charge higher, SKYCITY impresses, Xero tumbles
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sky City Entertainment 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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