It has been another disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is a sea of red and down 0.8% to 5,650.5 points.
Four shares that have defied the market selloff today are listed below. Here's why they are surging higher:
The A2 Milk Company Ltd (ASX: A2M) share price is up over 1.5% to $9.96 after the infant formula and dairy company released a trading update ahead of its annual general meeting. Management revealed that the first four months of trade has seen revenue increase 40.5% to NZ$368.4 million and net profit after tax rise an impressive 64.5% to NZ$86 million. Although it expects this to growth moderate slightly, it remains confident of a strong full year result.
The ALS Ltd (ASX: ALQ) share price is up 3% to $8.19 after the testing solutions company released its half year results. Thanks to solid growth across all its business, ALS delivered a 15.2% increase in half year revenue to $826.1 million and a 29.8% lift in first half underlying net profit after tax to $93.3 million.
The Pro Medicus Limited (ASX: PME) share price has risen 6% to $9.73 after the health imaging company announced a A$27 million, 7-year contract with Partners Healthcare. According to the release, the contract is based on a transaction licensing model and will see its Visage 7 technology implemented at Partners' two flagship hospitals, eliminating their legacy PACS. Management advised that the deal also includes scope to expand to other Partners network hospitals at a later date.
The Saracen Mineral Holdings Limited (ASX: SAR) share price has stormed 4.5% higher to $2.63. Almost all of Australia's leading gold miners are pushing higher today after investors fled to safe haven assets. This has led to the S&P/ASX All Ords Gold index rising 0.9% so far today. Saracen's shares hit a 52-week high of $2.66 in earlier trade.
