The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course for a second consecutive day of heavy declines. In afternoon trade the benchmark index is down a disappointing 1% to 6,041 points.
Four shares that have defied the market decline are listed below. Here's why they are pushing higher today:
The JB Hi-Fi Limited (ASX: JBH) share price has risen 2% to $24.60. With many high PE shares coming under significant selling pressure, some investors appear to rotated to value options today. The electronics retailer's shares certainly fall into the value category at just 12x full year earnings.
The NEXTDC Ltd (ASX: NXT) share price has pushed 2% higher to $6.26. At one stage the data centre operator's shares were up as much as 7% to $6.56 before giving back the majority of these gains. The market appears to have responded positively to news that NEXTDC plans to acquire its landlord Asia Pacific Data Centre Group (ASX: AJD). This morning Deutsche Bank took its sell rating off NEXTDC's shares and upgraded them to a hold rating due to this development.
The Pilbara Minerals Ltd (ASX: PLS) share price is up 2% to 84 cents after the lithium miner confirmed that the first shipment of spodumene concentrate from its Pilgangoora Lithium-Tantalum project was of a high quality. A total of 8,800 wet metric tonnes of spodumene concentrate has been shipped from Port Hedland to the company's offtake partners in north Asia.
The Sundance Energy Australia Ltd (ASX: SEA) share price has rocketed almost 14% higher to 10 cents following the release of an operations update. According to the release, Sundance Energy's sales volume for the month of September was approximately 15,300 barrels of oil equivalent per day (boepd). As a result of this strong month, it expects its average third quarter daily production to be at the high end of its previously released guidance of 10,000 to 11,000 boepd. In the fourth quarter this is expected to rise to between 14,000 and 15,000 boepd.
