Why these 4 ASX shares have gone gangbusters today

CSL Limited (ASX:CSL) is one of four shares on the ASX that have rocketed notably higher today. Here's why…

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After two consecutive days of declines the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back and in afternoon trade finds itself higher by 0.3% to 5,697 points.

Four shares in particular have stood out with strong gains today. Here's why they have climbed higher:

Bega Cheese Ltd (ASX: BGA) shares have rocketed 13% to $5.06 after the dairy company announced the $460 million acquisition of a portfolio of products including the iconic Vegemite brand from Mondelēz International. Management expects the acquisition to be significantly accretive to earnings, contributing between $40 million and $45 million in EBITDA in the next 12 months.

BlueScope Steel Limited (ASX: BSL) shares have jumped 5.5% to $10.84 despite there being no notable news out of the steel manufacturer. Its share price has now risen an astonishing 40% in the last three months thanks largely to China's plan to continue cutting its steel production.

CSL Limited (ASX: CSL) shares have surged higher by 10.5% to $109.45 after the biopharmaceutical giant upgraded its full year profit guidance. Net profit had previously been expected to climb 11% year on year, but management has upgraded its outlook to between 18% and 20% growth on a constant currency basis. A great performance from a fantastic company.

Sims Metal Management Ltd (ASX: SGM) shares have climbed 5% to $13.14 after the metals recycling company upgraded its guidance as well. Management expects first-half underlying EBIT to be between $75 million and $79 million, compared to previous guidance of around $63 million. Whilst this is undoubtedly positive news, I feel its shares are a little on the expensive side right now and would therefore suggest investors avoid them.

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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