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Highlights
- S&P/ASX 200 Index down 0.7% in early afternoon trade.
- DroneShield shares rise 5.5% following analysts’ buy rating.
- Invictus Energy up almost 7% after successful capital raise.
- Mesoblast surges 10% on FDA approval of stem cell therapy.
The S&P/ASX 200 Index (ASX:XJO) was down 0.7% to 8,174.7 points at the time of writing on 31 December 2024, likely to end 2024 in red. However, there are three ASX stocks which are defying the broader market and trading in green.
DroneShield Continues to Gain Momentum
DroneShield Ltd (ASX:DRO) has seen its share price increase by 5.5%, reaching 75.5 cents, despite the absence of any new news from the company this week. The rise comes after a recent pullback from its highs, with investors now seizing what they believe is a buying opportunity. Analysts at Bell Potter have reinforced this sentiment, assigning a buy rating and a $1.20 price target to DroneShield, further boosting investor confidence.
Invictus Energy Secures Strong Investor Support
Invictus Energy Ltd (ASX:IVZ) is up nearly 7% to 8 cents following the completion of the second tranche of a US$10 million institutional placement. The placement was made at 10 cents per new share, with the company also accepting US$2 million in oversubscriptions due to high demand. Invictus Energy’s managing director, Scott Macmillan, expressed gratitude for the strong investor backing, particularly for the Cabora Bassa Project, which has shown transformative potential in Zimbabwe's energy sector.
Mesoblast’s Shares Surge on FDA Approval
Mesoblast Ltd (ASX:MSB) has seen a significant 10% jump in its share price, reaching $3.18. This rise follows a major gain in the company’s NASDAQ-listed shares, fueled by the recent approval of its stem cell therapy, Ryoncil (remestemcel-L), by the U.S. FDA. Ryoncil is the first mesenchymal stromal cell (MSC) therapy approved in the U.S. for any indication and is the only approved therapy for steroid-refractory acute graft versus host disease (SR-aGvHD) in children aged 2 months and older, positioning the company for future growth.
