The Australian share market is soaring higher again today with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) jumping 1.5% during the afternoon. It's now sitting just below the 5000 point mark.
While the share market itself is performing strongly, these four ASX shares are generating even greater gains today:
Slater & Gordon Limited (ASX: SGH), the embattled legal firm, has risen 22% with its shares now sitting at 72 cents, up from a recent low of 53.5 cents. Given that Slater & Gordon hasn't released any news that would specifically explain the gain, it could have something to do with an announcement from its rival, Shine Corporate Ltd (ASX: SHJ).
Shine was meant to return to normal trading today following a voluntary suspension, but extended its suspension as it reviews its Work In Progress recovery rates and provisioning. Slater & Gordon has had to deal with this issue as well, but investors may prefer the outlook for Slater & Gordon at its current price over Shine Corporate at its current price.
Ten Network Holdings Ltd (ASX: TEN) has rallied 10.7% with its share price now sitting at $1.45. The free-to-air television network has struggled in recent years as a result of declining ad revenues, more hours being spent watching videos on the internet as well as the rise of streaming services such as Netflix. Ten has just completed a 1-for-10 share consolidation, taking its total share count to around 370.8 million (down from 3,707.8 million).
Liquefied Natural Gas Ltd (ASX: LNG) shares have risen 12% and are now changing hands for 67.2 cents. LNG Ltd has come under considerable selling pressure in recent months as a result of the crashing oil price (which threatened the economic viability of two of its major projects), but shares risen today after a 10% gain in oil prices on Friday.
Sundance Energy Australia Ltd (ASX: SEA) has also benefited from a huge rally in oil prices, with some pundits suggesting the resource has finally found a floor. The shares have gained 13.4% today to trade at 11 cents after hitting a low of 9.1 cents on Thursday. However, they're still trading more than 35% lower since the beginning of the year.