In late morning trade the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and is dropping slightly lower. At the time of writing the benchmark index is down a few points to 6,050.2 points.
Four shares that have not let that hold them back are listed below. Here's why they are storming higher:
The PointsBet Holdings Ltd (ASX: PBH) share price is up 3% to $5.83 after providing an update on its U.S. business. This morning the sports betting company revealed that it has been issued a temporary operating permit by the Illinois Gaming Board. This approval allows PointsBet to commence retail and online sports betting operations in Illinois. Though, this still remains subject to the company's partner, Hawthorne Race Course, receiving a Master Sports Wagering Licence.
The Recce Pharmaceuticals Ltd (ASX: RCE) share price has jumped 22% higher to $1.39. This morning the pharmaceutical company announced that it has entered into an agreement with Path BioAnalytics for the study of RECCE 327 and RECCE 529 against SARS CoV-2. Researchers at Path BioAnalytics will evaluate these compounds against the virus causing COVID-19 in an ex vivo respiratory organoid model system.
The Vocus Group Ltd (ASX: VOC) share price is up almost 5% to $3.04. This is despite there being no news out of the telco on Thursday. However, this could be a delayed reaction to a broker note out of UBS released late last week. Its analysts upgraded Vocus' shares to a buy rating with a $3.60 price target. The broker made the move on valuation grounds.
The Webjet Limited (ASX: WEB) share price has risen 3% to $3.04. Investors appear to have been buying Webjet and fellow travel shares on Thursday after positive coronavirus vaccine news. According to CNBC, peer reviewed data published by the New England Journal of Medicine showed Moderna's coronavirus vaccine produced a robust immune response in all 45 patients in its early stage human trial. The development of a successful vaccine would be a major positive for travel markets.
