It has been another disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down almost 0.5% to 6,212.8 points due partly to heavy declines in the energy sector.
Four shares that have defied the market and pushed higher today are listed below. Here's why they are climbing higher:
The Accent Group Ltd (ASX: AX1) share price has rebounded from yesterday's heavy decline with a 4% gain to $1.47. The retailer's shares came under heavy selling pressure yesterday after the company advised that 36,842,105 shares given to the shareholders of Hype DC will be released from escrow next month. Investors appear concerned that these shares could be sold off en masse, putting pressure on its share price.
The Bingo Industries Ltd (ASX: BIN) share price has risen almost 4% to $2.63 after the waste management company advised that its major shareholders have no intention of selling shares when they are released from escrow in August. The Tartak family own a total of 30% of the company and there had been speculation of a sell down when the escrow period ends.
The Cooper Energy Ltd (ASX: COE) share price has continued its climb and is up a further 4.5% to 45 cents. On Monday the energy producer reported quarterly revenue of $19.6 million, which led to a 71% increase in full-year revenue of $66.7 million. This was driven largely by a 54% increase in full-year production to 1.49 million barrels of oil equivalent, which was at the high-end of its upgraded guidance.
The Praemium Ltd (ASX: PPS) share price has climbed almost 3% to 97.5 cents. Today's gain is likely to be attributable to a broker note out of Morgans which revealed that its analysts have upgraded the fintech company's shares to an add rating with an increased price target of $1.07. The broker made the move on the back of its latest funds under administration update which saw Praemium's platform exceed $8 billion in funds.
