Australia Markets close in 2 hrs 23 mins

Why Clinuvel, Praemium, Resolute, & Zip Co are racing higher

James Mickleboro

The S&P/ASX 200 index has followed the lead of U.S. markets and dropped lower. In afternoon trade the benchmark index is down 0.45% to 6,898 points.

Four shares that have not let that hold them back today are listed below. Here’s why they are racing higher:

The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price is up 3% to $29.06. The catalyst for this appears to have been a broker note out of Moelis Australia this morning. According to the note, it has placed a buy rating and $44.42 price target on the biopharmaceutical company’s shares. It appears confident that its SCENESSE product will drive strong profit growth over the coming years.

The Praemium Ltd (ASX: PPS) share price has jumped almost 5% higher to 55.5 cents. Investors have responded very positively to the release of the investment platform company’s latest quarterly update. During the December quarter Praemium grew its funds under administration (FUA) to $20.3 billion. This was driven by quarterly gross inflows of $0.84 billion, the third highest on record.

The Resolute Mining Limited (ASX: RSG) share price is up 1.5% to $1.13. This gain has been driven by a rise in the gold price and the release of its guidance for FY 2020. This morning Resolute revealed that it expects to increase its production to 500,000 ounces this year. This is almost 30% higher year on year. It also expects a sharp drop its All-In Sustaining Cost. This is forecast to come in at US$980 an ounce, which represents a 10% reduction on FY 2019’s costs.

The Zip Co Ltd (ASX: Z1P) share price has risen 2.5% to $3.62 following the release of its quarterly update. Zip Co announced record quarterly transaction volumes of $562.6 million. This was an 85% increase on the prior corresponding period and 40% higher than the previous quarter. This left its annualised transaction volumes now sitting at $2.3 billion.

The post Why Clinuvel, Praemium, Resolute, & Zip Co are racing higher appeared first on Motley Fool Australia.

Missed these gains? Don't worry because these top shares haven't taken off yet.

NEW. Best Stocks to Oen for 2020 and beyond!….

Our Motley Fool experts have just released a fantastic report, detailing 5 dirt cheap shares that you can buy in 2020.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading near a 52-week low all while offering a 2.7% fully franked yield...

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.


More reading

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 Praemium Limited and ZIPCOLTD FPO. The Motley Fool Australia has recommended Praemium Limited. 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.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020