It has been a disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index has given back its early gains and is down almost 0.4% to 6,263.3 points.
Four shares that have defied the market today are listed below. Here's why they have stormed higher today:
The Bellamy's Australia Ltd (ASX: BAL) share price has finally rebounded from its recent declines and is up 5% to $12.91. The infant formula company's shares have come under heavy selling pressure since Goldman Sachs slashed its price target amid concerns that its CFDA accreditation could be delayed by a number of months. I think Bellamy's shares are trading at a very attractive price and I'm not alone. Citi has tipped it as a long-term buy.
The IPH Ltd (ASX: IPH) share price has climbed 5.5% higher to $4.87. Today's gain appears to be attributable to a broker note out of Morgans. According to the note, the broker has retained its add rating and lifted the price target on the intellectual property services company's shares to $5.13. The broker believes that IPH is vastly outperforming the growth of the patent filings market in the second half.
The Nearmap Ltd (ASX: NEA) share price has rocketed almost 18% higher to $1.31 after the release of its preliminary full-year results. According to the release, the geospatial map technology company finished the period with annualised contract value of $66.2 million, up 41% from the prior corresponding period. A better than expected performance in the United States played a key role in the strong result.
The Villa World Ltd (ASX: VLW) share price has pushed 6% higher to $2.31 following the release of updated full-year guidance from the residential property developer. Previously the company had been targeting net profit after tax of $41.6 million, but this has been upgraded to be in the range of $42 million to $44 million.
