Why these 4 shares are flying higher today

Despite opening the session higher, the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has managed to trade progressively lower today and has now fallen 0.7% to 5,321 points.

The property, healthcare and consumer staples sectors have been especially weak, with some support coming from the financial and information technology sectors.

Despite the weakness, there have been a number of shares that have bucked today’s broader market trend, including:

Ardent Leisure Group (ASX: AAD)

After two days of heavy selling, shares of Ardent Leisure have rebounded 7.5% today after the company provided a market update at its AGM. Although the company expects to take a big earnings hit as a result of the tragic accident that occurred at Dreamworld earlier this week the outlook for its Main Event business remains reasonably good. This appears to have provided a catalyst for bargain hunters to step in today, despite the high level of uncertainty still surrounding the Dreamworld incident.

Challenger Ltd (ASX: CGF)

Shares of Challenger are trading more than 4.7% higher today after the company announced two new annuity distribution deals with AMP Limited (ASX: AMP) and Japan-based firm Mitsui Sumitomo. Although the new deals are not expected to have a significant impact on earnings this financial year, they nevertheless provide Challenger with additional distribution points to target new customers in the future. The company also re-affirmed its FY17 Life division earnings guidance of $620 million to $640 million.

Corporate Travel Management Ltd (ASX: CTD)

Shares of Corporate Travel have gained 2.8% after the company reiterated its full year guidance at its AGM today. Despite experiencing unfavourable currency movements and slightly weaker-than-expected trading conditions in Asia and Europe, the company is still confident of achieving underlying EBITDA of $85 million to $90 million – an increase of 23%-30% from FY16. Corporate Travel also noted that it was continuing to actively investigate further acquisition opportunities.

JB Hi-Fi Limited (ASX: JBH)

Shares of JB Hi-Fi have climbed more than 2.5% today after the retailer provided a positive market update at its AGM. Positive sales momentum has continued throughout the first quarter of FY17 with total sales increasing 12.4% and same-store-sales growing by 8.3%. JB Hi-Fi also reaffirmed its full year sales guidance of approximately $4.25 billion and noted that it has started integration planning for the Good Guys acquisition, which is expected to be finalised either in November this year or early 2017.

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Motley Fool contributor Christopher Georges has no position in any stocks mentioned. The Motley Fool Australia owns shares of Corporate Travel Management Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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