Local investors are enjoying another day of positive gains today with the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) managing to climb 0.15% to 5,545 points.
The financial and energy sectors are the best performing sectors today with the gold and consumer discretionary sectors weighing the market down.
Four shares that have been climbing higher today include:
Australia and New Zealand Banking Group (ASX: ANZ)
ANZ shares have staged a remarkable turnaround today after the bank released its third quarter update to the market. The shares were initially sold off, but have since recovered and are now trading around 3% higher to $26.42. Despite reporting a 3% decline in profits, it seems investors are more pleased with the fact that margins have been maintained and that bad debts were in line with expectations. Today's announcement has also helped the share prices of the other major banks with gains of between 1%-2%.
Slater & Gordon Limited (ASX: SGH)
Slater & Gordon shares have climbed more than 12% today despite the company not releasing any news to the market. In fact, the company has not released any significant announcements for more than two months which leads me to believe some investors may be anticipating a better-than-expected result when the struggling law firm releases its results on 30 August. Interestingly, trading volumes are significantly higher today which suggests fund managers may be bravely taking a position in the stock. Despite today's gains, the shares have still lost 85% of their value over the past 12 months.
Carsales.Com Ltd (ASX: CAR)
Investors have slowly warmed to Carsales' FY16 financial results that showed revenue and adjusted earnings per share (EPS) growth of 10% and 8%, respectively. Investors were initially unimpressed with the results and the shares were sold off by around 7% to $11.51. Since then, the shares have put in a remarkable recovery gaining $1.37 to $12.88. As mentioned earlier today, it is unclear how Carsales will boost earnings growth in a bid to justify its current lofty trading multiple of 27x, although the company has maintained a moderately positive growth outlook for FY17.
Mesoblast limited (ASX: MSB)
Shares of Mesoblast have shot up nearly 8% today after the biotechnology company announced positive results from a recent clinical trial for refractory rheumatoid arthritis. The company noted that its biologic treatment improved patient symptoms without serious side effects over the 12 week study. This is obviously a positive development for the company considering refractory rheumatoid arthritis is typically very difficult to treat. Investors should note, however, that the results from this trial are by no means a guarantee of success, with significantly more research required before a treatment can be marketed.
