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.
