It has been a reasonably mixed day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In early afternoon trade the benchmark index is flat at 5,836 points after giving up solid early gains.
Four shares which have managed to defy the market and storm higher are listed below. Here's why they are up:
The Fortescue Metals Group Limited (ASX: FMG) share price has climbed 3% to $4.84 after data out of China revealed that steel production hit a record high in April. China National Statistics Bureau data revealed that its steelmakers produced 72.78 million tonnes in April, up from the 72 million tonnes produced last month. Investors appear to believe this could lead to strong demand for iron ore.
The Hydroponics Company Ltd (ASX: THC) share price is up 3% to 35 cents following the release of a company presentation. Whilst there was no new information revealed in the presentation, management once again reiterated its belief that there is a huge opportunity ahead of it in the medicinal cannabis market.
The Qantas Airways Limited (ASX: QAN) share price has jumped 3% to $4.93. Investors appear to be pleased that Australia's flag carrier airline had its credit rating upgraded by Moody's from Baa3 to Baa2 with a stable outlook. Whilst oil prices remain favourable I think Qantas is a good option for investors.
The St Barbara Ltd (ASX: SBM) share price has climbed 3% to $2.87 despite there being no news out of the gold miner. The spot price for gold has risen slightly since yesterday and currently fetches US$1,234 an ounce. But with a U.S. interest rate hike looking likely in June, I'm not convinced that the gold price will stay at this level for too much longer.
