In afternoon trade the S&P/ASX 200 index has given back its morning gains and dropped lower. At the time of writing the benchmark index is trading 0.2% lower at 6,714.3 points.
Four shares that have not let that hold them back are listed below. Here's why they are racing higher:
The Avita Medical Ltd (ASX: AVH) share price has stormed 9% higher to 71.5 cents. Investors have been buying the medical technology company's shares after it was added to the ASX 200 index. Avita Medical will replace Aveo Group (ASX: AOG) in the benchmark index on November 14 when the retirement communities operator is acquired by Brookfield Asset Management Inc.
The Bravura Solutions Ltd (ASX: BVS) share price is up almost 5% to $4.33 despite there being no news out of the financial services platform provider. However, a good number of tech shares are charging higher on Friday following positive trade talk developments between the United States and China. So much so, the S&P/ASX 200 Info Tech index is trading 1.4% higher this afternoon.
The Dicker Data Ltd (ASX: DDR) share price has risen 3% to $6.76. Investors have been buying the shares of the wholesale distributor of computer hardware and software following a positive announcement. That announcement revealed that Dicker Data has been appointed as Check Point's newest distributor for the Australian market. Check Point is a multinational provider of software and combined hardware and software products for IT security.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price is up almost 3% to 3.01. This gain appears to be in relation to the biopharmaceuticals company's annual general meeting update on Thursday. As I mentioned here, that presentation reminded investors of the massive market opportunity its ZILOSUL drug has. This drug is aiming to treat osteoarthritis, which is a market with over 31 million sufferers in the United States alone.
