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Here’s why these 4 ASX shares are soaring today

It has been a day to forget for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). The benchmark index has followed international markets lower and is down by around 1.3% to 5,218 points in afternoon trade.

But not all shares are sinking lower. The following four shares have posted particularly strong gains. Here’s why:

CSR Limited (ASX: CSR) shares are up almost 6% to $3.81 after announcing a strong half year result this morning. The building supplies company reported a solid 12% increase in half year profit to $103.1 million. According to the release the strong result was driven by a significant increase in earnings from its Building Products segment. Positively management is expecting full year net profit after tax to come in at the top end of analysts’ forecasts of $154 million to $184 million.

Orocobre Limited (ASX: ORE) shares have continued their good run following the release of its quarterly results on Friday. Today its share price has rocketed a further 4% to $3.58. If lithium prices manage to remain at elevated prices as Orocobre’s management predicts, then the lithium producer would be a great investment in my opinion.

Resolute Mining Limited (ASX: RSG) shares have jumped 5% to $1.61 following a rise in the spot gold price. The gold price rose overnight on the back of U.S. election uncertainty. The race to the White House has become increasingly tight since the Clinton email scandal came back into the spotlight. With just under one week to go until the election, I wouldn’t be surprised to see a lot of volatility in prices.

Surfstitch Group Ltd (ASX: SRF) shares are up by around 3% to 18 cents today on the back of news of a takeover offer from substantial shareholder Coastalwatch Pty Ltd. The shares of the embattled surf wear retailer were higher by as much as 14% at one stage, but have lost ground as the day goes on. In the announcement management revealed that it has rejected the proposal.

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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.

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