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Why these 4 ASX shares have rocketed higher today

Credit: Matt Biddulph

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a great day so far and is up 0.7% to 5,914 points in afternoon trade.

Four shares which have made notably strong gains are listed below. Here’s why they have jumped higher:

The a2 Milk Company Ltd (Australia) (ASX: A2M) share price has jumped 6% to $3.15 following the release of a positive trading update. Thanks to strong demand for its infant formula from Chinese buyers, management has upgraded its full year revenue guidance to NZ$525 million. Whilst its shares are on the expensive side now, I feel they could still prove to be good value for those with a long-term view.

The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price has climbed almost 4% to $12.48 despite there being no news out of the regional bank. Today’s gain is likely to be the result of a research note out of Morgan Stanley which reveals that its analysts have upgraded the bank to an equal-weight rating from underweight.

The Lynas Corporation Limited (ASX: LYC) share price has surged 11% to 9.9 cents after the rare earth minerals miner released its quarterly update. Thanks to record sales and production, Lynas reported record positive cash flow of $11.6 million during the quarter. With demand for rare earths growing and prices rising, Lynas could be in a strong position moving forward.

The MMJ Phytotech Ltd (ASX: MMJ) share price has jumped 3% to 62 cents after announcing that its 60%-owned Harvest One Cannabis is set to list on the Toronto Stock Exchange as soon as this Friday. The company will target both the medicinal and recreational markets which are expected to be worth upwards of C$9 billion combined by 2024.

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Top 3 ASX Blue Chips To Buy In 2017

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. 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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