Investors have been busy combing through a deluge of earnings reports today and this has seen the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) trade only marginally higher by 0.1% to 5,797 points.
The healthcare and consumer staples sectors are performing strongly today, although the same can't be said for the financials and gold sectors.
A number of shares have impressed investors with positive news today, including:
Vocus Group Ltd (ASX: VOC)
The Vocus share price has surged more than 9% today after the telco delivered a solid first-half earnings report. Pleasingly, the company re-affirmed its full year profit guidance after accounting for a full six-month contribution from its recent NextGen acquisition, along with the expectation for further organic growth. While today's report was solid, some of today's share price reaction has to be attributed to short sellers who are being forced to close out their positions.
MMJ Phytotech Ltd (ASX: MMJ)
The MMJ Phytotech share price has popped more than 12.5% today after the Federal Government announced it would allow medical marijuana companies to distribute cannabis oils and medications in Australia. Until sufficient supply is available in Australia, companies will also be permitted to import cannabis from overseas. The announcement has also put a rocket under the Auscann Group Holdings Ltd (ASX: AC8) share price, with a gain of around 26%.
Fairfax Media Limited (ASX: FXJ)
The Fairfax Media share price has spiked more than 8.5% today after the company confirmed it was considering spinning-off its Domain business. Fairfax would retain a 60-70% stake in the business, while issuing shares in Domain to Fairfax shareholders. The Domain business once again performed strongly in the first half, with revenue growth of 15%. Overall, Fairfax reported a 5.8% decline in group revenue, although managed to post a 6.1% increase in underlying net profit after tax (NPAT) to $84.7 million.
McMillan Shakespeare Limited (ASX: MMS)
The McMillan Shakespeare share price has jumped 8.6% today after delivering better-than-expected first-half results. The shares have been under the pump over the past six months after the company warned that profits could take a big hit as a result of a major contract renegotiation. It appears this hasn't eventuated with sales rising 2.9% and underlying earnings per share remaining flat compared to the previous corresponding period. Investors will also be pleased with a 6.9% increase in the interim dividend to 31 cents per share.
