In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of international markets and is sinking notably lower. The benchmark index is down 1.25% to 5,982.2 points.
Four shares that have not let that hold them back are listed below. Here’s why they are pushing higher:
Coles Group Ltd (ASX: COL)
The Coles share price is up a further 1% to $17.84. Investors have been buying the supermarket giant’s shares after brokers responded very positively to its first quarter update on Wednesday. One broker that was impressed was Morgans. It has upgraded Coles’ shares to an add rating with an improved price target of $19.40.
HUB24 Ltd (ASX: HUB)
The HUB24 share price has jumped almost 7% higher to $22.38. This morning the investment platform provider successfully completed its $50 million institutional placement. These funds will be used to acquire investment platform provider Xplore Wealth Ltd (ASX: XPL) and Ord Minnett’s non-custody Portfolio Administration and Reporting Service. In addition, HUB24 will increase its investment in integrated accounting and wealth solutions provider Easton Investments Ltd (ASX: EAS).
Mesoblast limited (ASX: MSB)
The Mesoblast share price has risen almost 1% to $3.13. This follows the release of its first quarter update this morning. This release included an update on the potential pathway to marketing approval for its lead product candidate remestemcel-L. Management continues to believe the immunomodulatory properties of remestemcel-L position this potential therapy at the forefront of treatment for severe and life-threatening inflammatory conditions. This includes COVID-19 acute respiratory distress syndrome (ARDS) and steroid-refractory acute graft versus host disease (SR-aGVHD).
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price is up 2.5% to $10.91 despite there being no news out of the online furniture and homewares retailer. However, its shares have been very volatile this week, with the bulls and bears seemingly battling for control.
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Returns as of 6th October 2020
More reading
- Why the HUB24 (ASX:HUB) share price is storming higher despite the market selloff
- Today was mixed for the ASX 200, ending 0.1% higher
- These could be the next ASX stocks to unlock value by selling assets
- Beat low interest rates with these 2 ASX dividend shares
- Why Redbubble, Kogan, Marley Spoon and 1 other ASX share are surging
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Hub24 Ltd and Temple & Webster Group Ltd. The Motley Fool Australia owns shares of COLESGROUP DEF SET. The Motley Fool Australia has recommended Hub24 Ltd and Temple & Webster 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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