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Is it time to start buying ASX shares again?

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is finally back on top today, looking to end what has been a violent start to 2016.

After falling in eight-straight sessions, and roughly 7% since the beginning of the year, the ASX 200 is trading almost 1% higher after lunch with a number of big-name companies leading the way.

Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC) are up 1.9% and 2% respectively, while National Australia Bank Ltd. (ASX: NAB) is the only major bank trading less than 1% higher.

Telstra Corporation Ltd (ASX: TLS) and Wesfarmers Ltd (ASX: WES) are also back in demand, lifting 0.6% and 1%, while Spotless Group Holdings Ltd (ASX: SPO) and Harvey Norman Holdings Limited (ASX: HVN) have managed to rise 7.4% and 5%, respectively.

BHP Billiton Limited (ASX: BHP) shares are an exception to the rule today. Rather than lifting with the broader market, the miner’s shares have fallen another 1.7% today to trade at $14.76. They hit a low of just $14.52 earlier in the session, their lowest price in more than 10 years, while Rio Tinto Limited (ASX: RIO) has managed to lift 1.2%.

Although there has been plenty of doom and gloom predicted for the Australian share market for the remainder of 2016, other analysts have suggested that the markets could finally be set to stabilise.

Regardless of where shares go in the short-term however, there are plenty of companies that are currently presenting as excellent value, which long-term investors could certainly look to take advantage of today.

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

The Motley Fool Australia has no position in any of the stocks mentioned. 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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