Why these 4 ASX shares are rampaging higher today

Credit: Michael Devlin,

Midway through today’s trading session, the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) had managed to climb 0.5% higher despite negative leads from offshore.

Four of the best performing shares on the ASX today include:

FlexiGroup Limited (ASX: FXL)

Shares of FlexiGroup have climbed more than 8.5% today to trade at $2.63. This comes on the back of no news from the company and is most likely a case of bargain hunters pushing up the share price today. The shares have been trending down over the past 12 months as slowing profit growth, along with the departure of its former CEO, acted as a huge drag on the share price. The company has moved to address these concerns recently with the appointment of a new CEO and the acquisition of New Zealand based Fisher & Paykel Finance for $275 million. FlexiGroup has provided FY16 Cash NPAT guidance of $92-$94 million, excluding any profit contribution from the recent acquisition.

Corporate Travel Management Ltd (ASX: CTD)

Shares of Corporate Travel Management have today gained more than 5.5% following the announcement that is has it has joined forces with Coles’ loyalty program provider Flybuys to launch a new travel booking website. The website will allow Flybuys members to collect points for every booking they make or redeem points already collected to travel for less. Although no financial details were included in the announcement, investors are clearly supportive of the deal which is expected to build on Corporate Travel Management’s growing presence in the loyalty segment.

Sirtex Medical Limited (ASX: SRX)

Shares of Sirtex have gained nearly 3% today on no news and are now trading at around $30 per share. The company has been under heavy selling pressure since the start of 2016, but it appears the share price may have bottomed at around $27 a couple of weeks ago and buyers are coming back to support the shares. Much of the concern surrounding Sirtex has centred around the ability of the company to continue to grow its unit dose sales at historical levels despite now having to work off a much higher base. Whether or not Sirtex will be able to meet its targets is unknown at this stage, but it nevertheless remains one of the fastest-growing healthcare stocks on the ASX.

 oOh!Media Ltd (ASX: OML)

Shares of oOh!Media are following on from yesterday’s strong performance, climbing another 7% today to trade at $4.82. The gains come as Credit Suisse initiated guidance on the company with a price target of $4.95. Shares of fellow outdoor advertiser APN Outdoor Group Ltd (ASX: APO) have also enjoyed back-to-back days of strong gains which is in stark contrast to Nine Entertainment Co Holdings Ltd (ASX: NEC). It has seen its share price hammered as result of weaker-than-expected advertising revenue. Shares of oOh!Media have gained more than 101% over the past 12 months.

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Motley Fool contributor Christopher Georges owns shares of Sirtex Medical Limited. 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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