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Why these 4 ASX shares have surged higher today

It has been a reasonably mixed day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index has given back early gains and is flat at 5,772 points.

Four shares which have defied the market today are listed below. Here’s why they have surged higher:

The Bapcor Ltd (ASX: BAP) share price has jumped almost 5% to $5.61. With no news out of the retailer, today’s gain appears to be attributable to a research note out of Morgan Stanley. According to the note its analysts have reiterated their overweight rating on its shares and increased their price target to $7.00. I would agree with Morgan Stanley on this one. Bapcor strikes me as a great option today.

The OFX Group Ltd (ASX: OFX) share price has rocketed 11% to $1.46 following the release of its full-year result. Although the embattled international money transfer company posted an 18% drop in underlying net profit, it appears the market had been expecting a far worse performance. Whilst there are signs of improvement under its new CEO, I would suggest investors hold off an investment at this point in time.

The St Barbara Ltd (ASX: SBM) share price has jumped 3% to $3.03 following a rise in the gold price after President Trump talked down the U.S. dollar. At present the spot gold price is fetching US$1,262 an ounce, up almost 1% since this time yesterday. As you might expect, this has caused the majority of the gold miners to climb higher today.

The Technology One Limited (ASX: TNE) share price is up 3% to $5.70 following the release of a solid first-half result. The software company reported a 10% jump in half-year profit after tax to $8.1 million thanks largely to the strong performance of its cloud services business. Whilst I think it was a strong result, I think its shares look reasonably expensive now at 43x trailing earnings.

If you missed out on these gains don't worry. These high-flying blue-chip shares could be next in line for big gains in my opinion.

Top 3 ASX Blue Chips To Buy In 2017

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Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

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