It has been yet another day of disappointment for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down 0.5% to 5,861 points due largely to declines in the materials and financial sector.
Despite this there have been a number of shares going against the grain and climbing higher. Here's why these four shares have surged higher today:
The Aconex Ltd (ASX: ACX) share price has jumped 5.5% to $4.55 after the company reiterated its full-year guidance. As the company has downgraded its guidance a number of times in the last 12 months, some investors appear to have been expecting the worse. Today's gain means its shares have now climbed almost 50% in the last three months, much to the dismay of short sellers.
The Cann Group Limited (ASX: CAN) share price has doubled in value to 60 cents today. The company is the latest in a growing number of pot stocks listed on the ASX. Cann Group was the first Australian company to be issued with a licence under the federal government's new regulatory system for medicinal cannabis use. These are exciting times for its shareholders.
The Corporate Travel Management Ltd (ASX: CTD) share price has stormed higher by 10% to $22.26. This morning the corporate travel specialist upgraded its full-year EBITDA guidance to at least $97 million from between $92 million and $97 million. Further market share gains in the second-half of FY 2017 are behind the upgrade. In my opinion this demonstrates why I think Corporate Travel Management is one of the best growth shares on the market.
The Kathmandu Holdings Ltd (ASX: KMD) share price has climbed 4% to $1.96 after the release of a positive third-quarter update. The update revealed an 11.9% jump in sales over the prior corresponding period in constant currency terms. While I am impressed with its turnaround, its hugely important June/July promotional period is still to come. Because of this I would hold off an investment until its full-year results are announced later this year.
