In afternoon trade the S&P/ASX 200 index is on course to start the week on a disappointing note. At the time of writing the benchmark index is down 0.3% to 6,794.3 points.
Four shares that haven't let that hold them back are listed below. Here's why they have started the week on a high:
The Bega Cheese Ltd (ASX: BGA) share price is up 2.5% to $4.21. This morning the diversified food company released an update on recent developments. It also maintained the forecast it provided in October. Furthermore, it reiterated that although trading conditions are tough, it continues to be well placed to execute its long-term strategy while continuing to focus on the growth of its branded consumer foods business.
The Redbubble Ltd (ASX: RBL) share price has rebounded 3% to $1.03. It appears as though bargain hunters are swooping in to buy this ecommerce company's shares following a significant sell off in mid-December. Prior to today, Redbubble's shares were down by around 50% in the space of a month. Investors were quick to sell its shares after a disappointing update revealed that the core business was being impacted by an emerging sticker company.
The Vocus Group Ltd (ASX: VOC) share price is up almost 4% to $3.06. This follows news that Vocus has settled a class action with Slater & Gordon Limited (ASX: SGH). According to the release, the telco company has settled the action for $35 million, inclusive of interest and costs. Vocus will contribute $3.5 million to the settlement, which will be reported as a significant item below its underlying EBITDA in FY 2020. The remainder of the settlement is fully insured. Vocus has settled without admission of any liability.
The Xero Limited (ASX: XRO) share price has climbed 3.5% to $83.43 despite there being no news out of the accounting software company. However, earlier this month analysts at Morgan Stanley spoke very positively about the company. They ultimately retained their overweight rating and lifted the price target on its shares by 38% to $90.00.
