The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week in the red after a sizeable decline today. In afternoon trade the index is down 1.3% to 5,684 points.
But despite the sell-off, a number of shares have managed to defy the market and climb higher. Here's why:
The Aconex Ltd (ASX: ACX) share price is up 4% to $4.46 despite there being no news out of the software-as-a-service company. But with the company's full-year earnings due to be released on August 22, I wouldn't be surprised if this gain is the result of short sellers buying shares to close their positions.
The Beadell Resources Ltd (ASX: BDR) share price has climbed 6% to 22.2 cents. The majority of gold miners are higher today due to a lift in the gold price amid rising tensions in North Korea. Beadell is likely to have climbed more than most due to its higher all-in sustaining costs. The miner reported an AISC of US$1,338 an ounce in the first-half, just short of the spot gold price which is now fetching US$1,286 an ounce.
The Covata Ltd (ASX: CVT) share price has jumped 17% to 4.9 cents after the security solutions company announced that its Safe Share product has been included on Microsoft's Azure platform in Australia. Furthermore, the company is working towards a similar arrangement with Microsoft UK to deploy the product there and then into the European market. I think this is a promising development and can't say I'm surprised to see its shares rocket higher.
The Vita Group Limited (ASX: VTG) share price has rocketed 20% to $1.50 after the retailer announced that talks with Telstra Corporation Ltd (ASX: TLS) have completed with a reasonably better-than-expected agreement. The agreement will see the expansion of Vita's Telstra retail store footprint to 115 stores by July 2019 in return for agreeing to forego 7% to 8% of retail remuneration.
