5 stocks soaring on the ASX today

The ASX might be down, but these five are soaring

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The ASX looks headed for a down day on the ASX with the S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) down 0.3% at the close.

But as we have noted a number of times, just because the index is down, doesn't mean every stock is falling. Here are five stocks that are zooming ahead today…

Bauxite Resources Limited (ASX: BAU) has climbed more than 21% to 14 cents, after the company was queried by the ASX about a sudden jump in price. The company noted that it had recently settled a class action prior to the commencement of legal proceedings, and had returned 4 cents in capital to shareholders. Avoiding a potentially expensive legal bill plus damages if it lost is the most likely reason shares are higher today.

Heemskirk Consolidated Limited (ASX: HSK) has gone for another run, after posting a 26% rise yesterday. Shares are up 16.3% at 25 cents today. It seems the good news out of yesterday's corporate update is still filtering into the market. The announcement of discussions with a major industry investor, as a joint venture partner, appears to be particularly pleasing to investors.

TZ Limited (ASX: TZL) has climbed 12.5% to 13.5 cents, after announcing today that it has secured a strategic purchase order for its data centre smart locking focused IXP product in the Singapore market. Chairman Mark Bouris noted that the Monetary Authority of Singapore (MAS) has issued guidelines to address technology risks, which indicates a move towards regulated use of sophisticated locking solutions – such as those provided by TZ.

Panorama Synergy Limited (ASX: PSY) continues its strong run, rising 10.8% to 51.5 cents. Panorama shares are up 31% in the past week and 400% in the past month! The company recently raised $7 million to commercialise its LumiMEMs Reader, and says it is now fully funded, and aims to bring the product to market as quickly as possible. MEMs are tiny micro-electro-mechanical systems, which could be one of the hottest new technologies.

Redflex Holdings Limited (ASX: RDF) shares have climbed 7.8% to $1.10, possibly on the news that director Adam Gray had purchased an additional 790,000 shares in the company through Coliseum Capital, LLC. Coliseum now owns more than 23.6 million shares in the road safety camera technology company  – or around 21% of issued capital. The saying 'directors sell for many reasons, but only buy for one' may have convinced investors shares are worth buying.

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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