The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish lower again on Wednesday. In afternoon trade the benchmark index is down 0.4% to 5,568.9 points.
Four shares that have defied the market decline today are listed below. Here's why they climbed higher:
The iSelect Ltd (ASX: ISU) share price has jumped almost 7% to 79.5 cents. This latest gain means the price comparison company's shares have risen over 13% since the start of the month. News that Innovation Holdings has been increasing its stake in the company appears to have been the driver of this gain. Innovation Holdings is the company behind rival Compare the Market. It now holds a 22.6% stake in iSelect and has many speculating that a takeover approach could be coming.
The Metcash Limited (ASX: MTS) share price has climbed 4.5% higher to $2.35. On Tuesday the wholesale distributor's shares tumbled to a 52-week low. With no news out of the company today, I suspect that some investors think that its shares have fallen too far and are in the buy zone now.
The Northern Star Resources Ltd (ASX: NST) share price has risen over 5% to $9.01. Almost all of Australia's gold miners have been pushing higher on Wednesday thanks to a rise in the gold price and increased demand for risk-off assets. At the time of writing the S&P/ASX All Ords Gold index is up 2.7%.
The Qantas Airways Limited (ASX: QAN) share price has stormed over 5% higher to $5.81. A number of airline shares have been soaring on Wednesday after oil prices crashed lower overnight. Due to Qantas' fuel hedging policy, it stands to benefit greatly from falling fuel prices. With the outlook for oil looking bleak and airfares on the rise, I think Qantas could be a great option for investors right now.
