The S&P/ASX 200 index (ASX: XJO) has followed the lead of U.S. markets and is trading notably lower again on Friday. At the time of writing the benchmark index is down 6.7% to 4,947 points.
Four shares that have managed to avoid the selloff today are listed below. Here's why they are pushing higher:
The Cynata Therapeutics Ltd (ASX: CYP) share price is up over 3% to 77.5 cents. Earlier this week the biotech company advised that its the current Phase 2 trial plans remain on track and it currently has no logistic or supply chain issues arising from the COVID-19 outbreak. Cynata also revealed that it is in discussions with international pharmaceutical companies about the potential of its Cymerus MSCs to be a useful adjunct in the management of patients with serious and ongoing issues associated with the COVID-19 infection.
The Fluence Corporation Ltd (ASX: FLC) share price has jumped 6.5% to 32 cents. This morning the water treatment company announced that it has entered into a new strategic market segment and new province. This follows the sale of its Aspiral product to Beijing China Railway Science New Technology Co for a project involving the Chinese Railway System in Inner Mongolia.
The Food Revolution Group Ltd (ASX: FOD) share price has stormed 6.5% higher to 8.1 cents. This morning the food and handwash company announced that it has delivered its first batch of hand sanitiser to the market. Food Revolution advised that it has prioritised delivery of hand sanitiser products to hospitals, school colleges and pharmacies, but has received strong demand from the major supermarket chains.
The Fortescue Metals Group Limited (ASX: FMG) share price is up 3.5% to $9.11. Overnight iron ore prices avoided the market selloff and remained steady. This appears to be down to hopes that a massive Chinese stimulus package will support demand and high prices for the steel making ingredient in 2020.
