In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course for its third consecutive day of declines as political turmoil continues to weigh on investor sentiment. At the time of writing the benchmark index is down 0.3% to 6,248.9 points.
Four shares that are defying the market today are listed below. Here’s why they have stormed higher:
The HT&E Ltd (ASX: HT1) share price has jumped almost 13% higher to $3.00. This morning the ACCC advised that it would not oppose the sale of HT&E’s Adshel business to rival oOh!Media Ltd (ASX: OML) for $570 million. The oOh!Media share price has also surged higher on Thursday on the back of this news.
The Iress Ltd (ASX: IRE) share price has stormed 13.5% higher to $13.75 after the financial technology company reported a net profit of $32 million on revenue of $229.7 million for the six-months ended June 30. Both profit and revenue were 8% higher than the prior corresponding period.
The Webjet Limited (ASX: WEB) share price has jumped almost 17% to $16.90 after the online travel agent reported a strong full year result. The market appears to have been impressed with Webjet’s 54% increase in total transaction value to $3,012 million, 54% lift in revenue to $291 million, 71% rise in EBITDA to $87.4 million, and 63% increase in net profit after tax (before acquisition amortisation) to $55.7 million. Management expects the company’s strong bookings growth to continue for at least the next couple of years and reiterated its growth targets.
The WiseTech Global Ltd (ASX: WTC) share price has continued its sensational run and is up a further 22.5% to $24.40. This latest gain means the logistic platform provider’s shares have now risen a remarkable 56% since the release of its results yesterday. Based on its earnings per share of 13.9 cents, WiseTech Global’s shares are changing hands at an incredible 175x earnings. This is a little too much for my tastes, despite being a huge fan of the company.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. The Motley Fool Australia has recommended IRESS Limited, oOh!Media Ltd, and Webjet Ltd. 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 Scott Phillips.