On 21 July 2017 CFM Ltd announced that its EPS for the year ended 30 June 2017 was $0.97. This was 16% lower than the previous year. On the day of the announcement the share price of CFM increased resulting in an abnormal return for shareholders on that day of 9.46%. No other abnormal returns were generated around that date. What does this outcome imply? Is this result consistent with market efficiency? Discuss.