In late morning trade the S&P/ASX 200 Index (ASX: XJO) is off its lows but still in the red. At the time of writing, the benchmark index is down 0.3% to 6,665.1 points.
Four shares that have not let that hold them back are listed below. Here’s why they are pushing higher:
BHP Group Ltd (ASX: BHP)
The BHP share price is up 2.5% to $44.13. Investors have been buying the mining giant’s shares on Tuesday after the iron ore price climbed higher. According to Metal Bulletin, seaborne prices climbed due to firm demand in steel and positive sentiment after the New Year holiday. The 62% fines iron ore price rose 3% to US$165.29 per tonne.
Cann Group Ltd (ASX: CAN)
The Cann share price has climbed over 3% to 62 cents. This follows the an announcement of a supply order in Europe. Cann will supply Iuvo Therapeutics with medicinal cannabis extracts until 31 December 2021. Iuvo has placed an initial 19,000 unit order for Cann product, which is expected to be shipped to Germany within the next month. Management believes this initial order represents the largest shipment of product produced in Australia for export markets.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price has zoomed 7.5% higher to $10.64 after providing its guidance for the first half of FY 2021. The furniture retailer 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 achieved in the prior corresponding period.
Ramelius Resources Limited (ASX: RMS)
The Ramelius share price has jumped 7% to $1.90. Investors have been buying the gold miner’s shares following a rise in the spot gold price and the release of its second quarter update. In respect to the latter, Ramelius outperformed its guidance and achieved production of 72,896 ounces. This means the company has also outperformed its first half production guidance.
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Returns as of 6th October 2020
More reading
- Why the Nick Scali (ASX:NCK) share price just hit a new, all-time high
- Why the Ramelius (ASX:RMS) share price is storming higher today
- 5 things to watch on the ASX 200 on Tuesday
- Will the Fortescue (ASX:FMG) share price double again in 2021?
- 5 things to watch on the ASX 200 on Monday
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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