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.
