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The S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak on Wednesday. In late morning trade the benchmark index is down 0.8% to 5,364.6 points.
Four shares that haven't let that hold them back are listed below. Here's why they are charging higher:
The Bubs Australia Ltd (ASX: BUB) share price is up 6% to 94.5 cents. Investors have been buying the infant formula company's shares after it announced a major supply agreement with supermarket giant Coles Group Ltd (ASX: COL). According to the release, Bubs Organic Grass Fed Infant Formula will be distributed to 482 Coles supermarkets. It is expected to hit shelves alongside its Bubs Goat Milk Infant Formula in June.
The JB Hi-Fi Limited (ASX: JBH) share price is up 3.5% to $35.09. The catalyst for this was a strong third quarter sales update this morning. JB Hi-Fi's Australian operations had a strong finish to the quarter and continued their positive form in April and early May. However, due to the uncertain operating environment ahead of the important end of financial year sales period, the company refrained from providing any full year guidance.
The Newcrest Mining Limited (ASX: NCM) share price has climbed over 3% to $28.65. Investors have been buying Newcrest and the rest of the gold miners today after the price of the precious metal increased. This appears to have been driven by central bank stimulus hopes and increasing tensions between the U.S. and China. The S&P/ASX All Ordinaries Gold index is up 1.2% at the time of writing.
The Pushpay Holdings Ltd (ASX: PPH) share price has jumped 15% higher to $5.03. This follows the release of a very strong full year result and bullish guidance for the year ahead. The donor management system provider reported EBITDAF of US$25.1 million, up 1,506% from US$1.6 million in FY 2019. Pleasingly, in FY 2021 management expects its strong growth to continue and has provided EBITDAF guidance of between US$48 million and US$52 million. This will be a 91.2% to 107% increase, respectively, year on year.
