The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) hasn't been able to follow up on yesterday's gains and afternoon trade has fallen 0.3% to 5,742 points. Today's decline is largely down to steep declines in the utilities and materials sectors.
Four shares which have gone against the grain today and jumped higher are listed below. Here's why they've surged higher:
The Bubs Australia Ltd (ASX: BUB) share price is up almost 11% to 10.5 cents after the infant formula and baby food company announced a supply agreement with retail giant Costco. The deal will see Costco offer Bubs infant formula products in its wholesale catalogue nationally and at one of its warehouses in Sydney.
The Capitol Health Ltd (ASX: CAJ) share price has jumped almost 7% to 16 cents despite there being no news out of the diagnostic imaging company. Capitol Health recently raised $38.5 million in order to reduce its debt levels. Management believes the improved balance sheet now provides it with a platform for growth.
The Impedimed Limited (ASX: IPD) share price has followed up on yesterday's rise with a 3.5% gain to 72.5 cents. Investors have been snapping up the medical device company's shares after it announced that its first SOZO device had been placed with Scripps Health in the United States. Management is targeting the chronic heart failure market which impacts an estimated 5.7 million people in the country.
The Mesoblast limited (ASX: MSB) share price has also climbed for a second day in a row, this time by 3.5% to $2.01. Yesterday the U.S. Food and Drug Administration granted its MSC-100-IV cell therapy fast-track status. This has the potential to shorten the time to FDA approval. So much so management appears confident that a single successful open-label Phase 3 trial will be sufficient for conditional FDA approval. Whilst this is promising news, I feel it is a little early for an investment.
