The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make its two consecutive days of declines in a row. In afternoon trade the index is lower by a disappointing 0.3% to 5,727 points.
Four shares which have defied the market and climbed higher are listed below. Here's why they have posted strong gains today:
The Bubs Australia Ltd (ASX: BUB) share price is up 5% to 43.5 cents despite there being no news out of the baby food and infant formula company. Thanks to a number of key supply and strategic agreements signed in recent weeks, Bubs shares have now gained a staggering 210% in the last three months.
The Flight Centre Travel Group Ltd (ASX: FLT) share price is up 3% to $45.72 thanks to the market's positive reaction to its recent acquisition spree. This week the travel agent has dipped into its vast cash reserves and expanded its presence in the New Zealand and North American markets. Whilst I'd prefer to buy its shares at a cheaper price, I do feel these acquisitions could be positioning the company for strong long-term growth.
The Steadfast Group Ltd (ASX: SDF) share price is up 6% to $2.73. With no news out of the general insurance broker, today's gain is likely to be related to a broker note out of Ord Minnett this morning. According to the note, Ord Minnett has an accumulate rating and $2.90 price target on Steadfast's shares. The broker is expecting a strong full-year result later this month.
The Wattle Health Australia Ltd (ASX: WHA) share price has jumped 11% to 64.5 cents after the health and wellness food company advised that its placement had been significantly oversubscribed. Wattle Health raised $9.1 million but had total bids of over $20 million. As a result, the company intends to seek shareholder approval to raise a further $3.3 million at 56 cents per share.
