The S&P/ASX 200 index is on course to end the week deep in the red. In afternoon trade the benchmark index is down 0.6% to 7,007.2 points.
Four shares that have not let that hold them back today are listed below. Here’s why they are storming higher:
The Biotron Limited (ASX: BIT) share price has rocketed a further 35% higher to 13.5 cents. The clinical stage biotechnology company’s shares have been on fire since it announced that it is testing several promising compounds for activity against coronavirus. This work will be done under contract in specialist laboratories that have access to this new virus, which has recently been isolated and made available for studies.
The De Grey Mining Limited (ASX: DEG) share price is charging higher again and is up 42% to 13.5 cents. Investors have been fighting to get hold of the gold-focused mineral exploration company’s shares after it revealed a potential major discovery at its Hemi prospect. Aircore drilling at the newly discovered Hemi prospect has delivered outstanding initial results.
The Kathmandu Holdings Ltd (ASX: KMD) share price has jumped 9.5% to $3.30. This morning Kathmandu provided an update on its expectations for the first half of FY 2020. For the six months ended January 31, the retailer expects its underlying earnings before interest and tax (EBIT) to be up ~40%. This result includes the benefits of the Rip Curl acquisition, which has performed very positively since its completion on October 31.
The Nick Scali Limited (ASX: NCK) share price has continued its positive run and is up a further 4% to $8.31. Investors have been buying the furniture retailer’s shares this week following the release of its half year results. Although Nick Scali reported a 15% decline in net profit to $21.6 million, this was better than its guidance for a first half profit in the range of $17 million to $19 million. Also boosting its shares was a broker note out of Citi. This morning the broker retained its buy rating and lifted its price target up to $9.05.
The post Why Biotron, De Grey Mining, Kathmandu, & Nick Scali are storming higher appeared first on Motley Fool Australia.
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