It has been a disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down 0.5% to 5,742 points.
Four shares in particular which have managed to defy the market today are listed below. Here's why they have stormed higher:
The Cann Group Ltd (ASX: CAN) share price has rocketed 18% to 85 cents despite there being no news out of the pot stock. I suspect that some investors may have wanted to snap up shares in the company ahead of its upcoming first harvest.
The Family Zone Cyber Safety Ltd (ASX: FZO) share price has jumped 12% to 46 cents following a successful $5.2 million placement of shares. The heavily oversubscribed placement was done at 40 cents per share, just one cent lower than its last close price. I believe this is a testament to the quality of the company's software and further justifies the incredible rise of its share price this year.
The Genworth Mortgage Insurance Australia (ASX: GMA) share price has gained 5% to $3.17 following the release of its half-year result. Although Genworth posted a 35% decline in net profit after tax to $88.7 million, investors appear to have overlooked this due to its plan to buy-back up to $100 million of shares on-market.
The Star Entertainment Group Ltd (ASX: SGR) share price is up 4% to $5.25. Today's gain is likely to be attributable to a research note out of UBS this morning that revealed that its analysts have reiterated their buy rating and increased the price target on the gaming company's shares to $6.23. I would agree with UBS that Star could be a good investment at the current share price.
