Here’s why these 4 ASX shares are rocketing higher today


With all sectors currently in positive territory, in afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has climbed higher by over 0.5% to 5,332 points.

Standing out amongst the many shares posting gains today have been four shares in particular. Here’s why they have rocketed higher today.

ALS Ltd (ASX: ALQ) shares have jumped 5.5% to $5.65 despite there being no news out of the global provider of testing and analytical laboratory services. A couple of weeks ago DNR Capital picked out ALS as its standout investment this month, so far it is looking like a good pick. Whilst I’m a big fan of the company’s life sciences segment, the rest of the company has been a little disappointing this year. If the rest of the business improves its performance then I’d class it as a buy myself.

Bionomics Ltd (ASX: BNO) shares have rocketed a massive 48% to 39.2 cents following the release of positive results from its phase 2 BNC210 anxiety trial. According to its release both primary endpoints met with a high level of significance, which suggests the potential for a paradigm change for treatment of anxiety disorders. Although it should probably be considered a high risk investment, I’m quite bullish on Bionomics and believe it has enormous potential.

New Hope Corporation Limited (ASX: NHC) shares are higher by 5% to $1.58. Today’s gain is likely to be attributable to a research note out of Macquarie Group Ltd (ASX: MQG). Its analysts have upgraded New Hope’s shares to an outperform rating with a $1.70 price target due to its expectation that coal prices will be much higher in the first half of FY 2017. Despite today’s gains this price target still implies potential upside of over 7.5% for the diversified energy company.

Nufarm Limited (ASX: NUF) shares are 5% higher to $8.75 following the release of better-than-expected full year results. Although profit dropped 36% year on year, the market was expecting a far worse result. Furthermore management’s outlook for the year ahead was very positive and expects margin expansion to result in a return to earnings growth in FY 2017. Although this is all very positive, personally I feel its shares are a little on the expensive side now.

Missed out on gains today? Don't worry, I believe these three growing shares could be next in line to bolt higher.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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.