The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) hasn't been able to build on yesterday's gain and is down over 0.7% to 5,951 points in early afternoon trade.
Four shares that haven't let that hold them back are listed below. Here's why they have stormed higher:
The MGC Pharmaceuticals Ltd (ASX: MXC) share price is up 3% to 9.7 cents after the cannabis company announced the launch of MGC Nutraceuticals. This new product line of cannabinoids and hemp-enhanced nutraceutical products for retail customers has been launched through its e-commerce platform. Management has advised that the global nutraceutical market was valued at approximately US$383 billion in 2016, making this a significant market for it to operate in.
The OFX Group Ltd (ASX: OFX) share price is up 5.5% to $1.52 following the release of a trading update ahead of its investor day. The money transfer company advised that transaction growth has continued in the second-half and its fee and commission margin has remained steady. Furthermore, its average transaction values are up on the first-half of FY 2018 with positive momentum being experienced across all geographies.
The Wattle Health Australia Ltd (ASX: WHA) share price has pushed 3% higher to $2.51. This means that the infant formula and baby food company's shares have risen by around 15% since this time last week and have recovered strongly from their post-earnings season sell-off. The company generated very little by way of revenue in the first-half of FY 2018, which appeared to spook investors and the media.
The Xero Limited (ASX: XRO) share price is up 4% to $34.27 despite there being no news out of the accounting software provider. However, last week Xero was added to the S&P/ASX 100 Index in the latest quarterly rebalance. This may have brought the company's shares onto the radar of some fund managers with restrictive investment criteria.
