It has been another disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In early afternoon trade the benchmark index is down 1% to 5,892 points.
Despite the market falling lower, four shares in particular have managed to put on strong gains today. Here’s why they’ve rocketed higher:
The Emerchants Ltd (ASX: EML) share price is up 5% to $1.53 after releasing a positive shareholder update. The update revealed that the payment solutions company’s strong performance has continued in the third quarter. Furthermore, the company believes it has positioned itself to be able to accelerate revenue and earnings growth next year.
The iSentia Group Ltd (ASX: ISD) share price has jumped almost 8% to $1.57 after releasing its Macquarie Australia Conference presentation. The lack of further bad news regarding its embattled content marketing business appears to be the reason behind the media monitoring company’s gain today. Whilst this is definitely a positive, I would hold off an investment until its full-year results have been announced later this year.
The Melbourne IT Limited (ASX: MLB) share price has jumped 10% to $2.36 following a successful institutional entitlement offer to raise $19 million at $2.10 per share. The funds will be used to acquire WME Group, a leading provider of end-to-end digital marketing solutions. The deal is expected to be earnings accretive by between 12% and 18% in FY 2017. Melbourne IT could be worth a closer look
The Zelda Therapeutics Ltd (ASX: ZLD) share price has bounced back from yesterday’s heavy decline with a 6% gain to 9 cents. Although I think this pot stock could potentially have a bright future, I think investors would be better off waiting for the results of its clinical trials later this year.
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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.