Here's why these 4 ASX stocks are skyrocketing at noon

The S&P/ASX 200 (Index:^AXJO) (ASX:XJO) is receiving plenty of drive from resource stocks including Senex Energy Ltd (ASX:SXY) and Fortescue Metals Group Limited (ASX:FMG).

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Following the lead set by international equity markets overnight, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has risen strongly today, recording a gain of 0.8% to 5,959 points. While it is the banks and resources stocks doing most of the heavy lifting, there are a number of stocks which have delivered better performances than the general market.

Fortescue Metals Group Limited (ASX: FMG) is one such company. While the miner has come under enormous selling pressure recently in light of the collapse in iron ore prices, it has risen 4.9% today following the release of its March quarterly production report. Fortescue indicated that it was still operating at a profit with a breakeven cost of US$39 per dry metric tonne, while it had also reduced its cash costs by 9% during the quarter.

Senex Energy Ltd (ASX: SXY) is another resources stock on the rise today, jumping 7% to 38 cents after oil prices rose for the fifth straight session. Recent data from the US Government indicates that US production could be finally ready to peak, relieving some supply pressure in a market that has become oversupplied.

Nine Entertainment Co Holdings Ltd (ASX: NEC) surged 5.6% to $2.27 after the broadcaster agreed to sell its events business for $640 million to Affinity Equity Partners. The company said the sale would help strengthen its balance sheet position, whilst also providing "significant scope for enhanced shareholder returns." Net proceeds from the transaction are expected to be around 64 cents per share.

Vocation Ltd (ASX: VET) has also risen 13.3% for the day, despite the absence of any news. The stock has remained quite volatile in recent weeks as investors await an update regarding its strategic review and revised financial guidance, incorporating the various changes made to the business portfolio recently. While a good result could see the shares soar, they could also plunge if the update contains any more bad news.

Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned. You can follow Ryan on Twitter @ASXvalueinvest. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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