It has been a disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade almost all sectors are in the red, dragging the benchmark index down 1% to 5,665 points.
Four shares which have managed to defy the market and start the week with solid gains are listed below. Here's why they are higher:
The Iluka Resources Limited (ASX: ILU) share price is up 3% to $9.26 following the release of a positive quarterly update. According to the release, Iluka delivered a 36% year-on-year increase in production during the quarter. This led to a 48.8% lift in quarterly mineral sands revenue. Its shares are now up an impressive 27% year-to-date.
The Rhipe Ltd (ASX: RHP) share price has rocketed almost 18% to 66 cents after the subscription software wholesaler advised that a strong second-half means it expects to meet its $4 million reported EBITDA target for FY 2017. Furthermore, the company expects to finish the year with a cash balance of $19.8 million, ahead of expectations.
The Somnomed Limited (ASX: SOM) share price has jumped 7% to $3.05 after the sleep treatment company released its fourth-quarter update. A strong final quarter in the United States led to SomnoMed delivering unaudited quarterly group revenues of $49.3million for the year. This is a 12% increase on FY 2016. If the company can carry this momentum over to FY 2018, I think it could be worth considering as an investment.
The Wellard Ltd (ASX: WLD) share price has climbed 4% to 13.5 cents, despite there being no news out of cattle exporter. But with its shares falling 27% in the last five trading sessions, I think today's gain is likely to be attributable to bargain hunters swooping in. Whilst its shares do look dirt cheap, I would suggest investors give the company a wide berth until its performance improves.
