After a terrible start to the day the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back in afternoon trade and is down just 0.3% to 5,853 points.
Four shares which have defied the market and climbed higher today are listed below. Here's why they have jumped higher:
The Galaxy Resources Limited (ASX: GXY) share price has surged higher by 8% to 46.5 cents. News that global investment management giant Blackrock has become a substantial shareholder with a 5.6% stake appears to be the catalyst for today's gain. I think the lithium miner is one of the better options in the materials sector and could be worth a closer look today.
The Hydroponics Company Ltd (ASX: THC) share price has jumped 4% to 40 cents after the diversified cannabis company announced a 22% increase in revenue to $1.1 million for its wholly owned Crystal Mountain/Dragon Vision business. Management believes its hydroponics division is on target to achieve its forecast of over $5 million in revenue for 2017.
The Incitec Pivot Ltd (ASX: IPL) share price has jumped 3.5% to $3.82 following the release of its half-year results. In early trade Incitec Pivot's shares were lower by almost 5% after a mixed half, but as the day goes on the market appears to have warmed to its results and improving outlook.
The Resolute Mining Limited (ASX: RSG) share price is up 4% to $1.19 today. Resolute is one of a number of gold miners climbing higher today despite the gold price remaining stable at US$1,228 an ounce. As I'm reasonably bearish on the gold price, I would suggest investors stay away from the gold miners for the time being.
