In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down 0.4% to 5,781 points due largely to declines in the banking sector following Moody's decision to downgrade the banks.
Four shares which have gone against the grain and climbed higher are listed below. Here's why they have posted gains:
The Bubs Australia Ltd (ASX: BUB) share price has continued to climb higher for a second day in a row. Today the infant formula and baby food company's shares are up 14% to 20 cents. Investors have been fighting to get hold of the company's shares since it announced a strategic partnership with NetEase Kaola.com. I believe it is a very positive development and can't say I'm surprised by the buying frenzy.
The Compumedics Limited (ASX: CMP) share price has gone gangbusters today and rocketed 43% to 53 cents. This morning the medical device company announced a major contract with Barrow Neurological Institute in the United States. This led Moelis Australia to upgrade its shares to a buy rating with a 58 cents price target.
The Independence Group NL (ASX: IGO) share price has jumped 7% to $3.38 despite there being no significant news out of the gold miner. One piece of news out this morning, though, was that major shareholder T. Rowe Price has increased its stake in the company to over 8.2%.
The Yowie Group Ltd (ASX: YOW) share price is up 8% to 32.5 cents. This is the second day in a row that the confectionery company's shares have rallied higher despite there being no news out of it. But with its shares down by 50% year-to-date, I feel this recent rally could be attributable to bargain hunters swooping in.
