In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and dropped lower. At the time of writing the benchmark index is down 0.5% to 5,983.7 points.
Four shares that have not let that hold them back are listed below. Here's why they are charging higher:
The Coles Group Ltd (ASX: COL) share price is up 1.5% to $17.61. This gain appears to have been driven by news that Melbourne is going into lockdown again to combat the spread of COVID-19. Investors may be betting on the supermarket giant benefiting from panic buying again.
The Kogan.com Ltd (ASX: KGN) share price is up 1% to $16.90. This morning the ecommerce company announced the successful completion of its share purchase plan (SPP). Given the strong support shown by eligible shareholders, Kogan decided to increase the SPP size by $5 million above its original target of $15 million. As a result, it has raised a total of $120 million (including its placement) to fund its future growth.
The Northern Star Resources Ltd (ASX: NST) share price is up 5% to $14.62 after the release of its fourth quarter update. During the quarter, Northern Star generated underlying free cashflow of $217.9 million from the sale of 262,717 ounces of gold. This took its full year sales to 900,388 ounces from gold production of 905,177 ounces. This was 1.6% lower than its withdrawn guidance. The gold miner also announced that it will pay its postponed interim dividend later this month.
The Splitit Ltd (ASX: SPT) share price has jumped 15% to $1.57. This follows the release of the buy now pay later provider's second quarter update. Splitit reported Merchant Sales Volume (MSV) of US$65.4 million for the second quarter. This was a record 260% increase on the prior corresponding period and a 176% lift on its first quarter MSV.
