4 stocks soaring on the ASX today

The S&P/ All Ordinaries Index (ASX: ^AORD) (ASX: XAO) is up 0.1% at 5,634 in mid-afternoon trading.

Weak leads from overseas markets on Friday, some large stocks going ex-dividend and some weak economic data appear to be weighing on the index.

Despite the index’s lacklustre performance, here are four stocks that are soaring today …

Structural Monitoring Systems plc (ASX: SMN) is up 16% at 54.5 cents. The company has developed a technology that can detect early stage metal fatigue, as is primarily focused on the aircraft market, but could also have applications for any large metal and fibre resin composite structures or products, including bridges, power generation systems and land and sea transportation systems. SMS released its full year report today, and while revenues are still small, a number of partnerships with airlines could prove fruitful in the years ahead.

Nanosonics Ltd (ASX: NAN) shares are up 11% at $1.01. The company develops products for disinfecting ultrasound probes and last week reported a 44% jump in operating revenue. As we mentioned in July, “this could be the start of something very exciting”. It’s fairly high risk, and has yet to report a profit. If that’s not your cup of tea, you might want to keep reading to the bottom of the article.

Unilife Corporation (ASX: UNS) has seen its shares climb 8.7% to 50 cents. Unilife develops injectable drug systems, and says it expects to release a number of new products this financial year. Last week Unilife reported a 436% increase in revenues for the 2014 financial year, although it still reported a loss. Unilife could be another stock you may want to add to your watchlist.

Clearview Wealth Ltd (ASX: CVW) shares have added 9.1% to 96 cents today. Clearview is an independent financial services company providing wealth management and life insurance services. Last week Clearview announced 23% growth in full year net profit to $19.7 million as well as a merger with independent financial adviser Matrix Holdings, for a cost of ~$20 million. That’s small change for Clearview, but adds further scale to its business.

Now, those stocks may be too risky for you. However, our top analyst, Scott Phillips, recently identified one cheap but growing ASX stock with a 6.7% grossed-up dividend yield which I think is a STANDOUT buy today. If you're interested in knowing its name, just click on the link below, enter your email address and we'll send you the FREE report on his top dividend stock idea for 2014 - 2015, no questions asked and no credit card needed!

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Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

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