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Here’s why these 4 stocks are soaring higher today

The S&P / ASX 200 (Index: ^AXJO) (ASX: XJO) finished in the red today, but that’s not stopped several stocks flying out of the blocks for varying reasons.

Let’s take a look at some of today’s top performers and consider whether they have room to climb higher.

Qantas Airways Limited (ASX: QAN) has taken off to climb 3.1% to a multi-year high of $3.30 as it basks in the glory of its recently posted $367 million profit before tax in the first half of financial year 2015. The airline’s bottom line is being supported by a major cost-cutting program and the powerful tailwind of falling fuel bills.

Up 178% over the past year the stock has hit a sweet spot, but the high fixed-cost base mean it’s probably a business to enjoy as a passenger not an investor.

Triton Minerals Ltd (ASX: TON) is a junior graphite miner that on April 1 announced a US$2 billion graphite supply agreement with a Chinese customer. The stock has been on a wild ride ever since, almost doubling in value to 61 cents before crashing back down to close at 39.5 cents, after a near 10% rise today.

Evidently the market is unsure how to value the business given the myriad future assumptions round revenue generation and investors would be advised to leave this one to the day traders for now.

Novogen Limited (ASX: NRT) is a biotech hopeful that rocketed up 43% to a record high of 32 cents today after it announced that one of its drug candidates named Anisina has seen reported success in killing melanoma cells irrespective of their mutational status.

Novogen says the results support its aim of conducting a clinical study in patients with late-stage melanoma using a combined treatment of Anisina and vincristine. Novogen also says Anisina is showing potential to be a widely-used anti-cancer drug across different cancers, although it has several major hurdles to negotiate before it can attempt to gain regulatory approval for its commercialisation.

Speculative biotech stocks are not for the faint hearted, as price swings can be wild and the science behind them difficult to understand for ordinary investors.

Elders Ltd (ASX: ELD) is an agribusiness that has climbed 5.4% today despite releasing no news to the market. The business is a potential turnaround story after posting a net profit of $3 million for the year ending 30 September 2014, after a series of giant losses in prior years. Since the positive result was announced investors have warmed to the agribusiness’s turnaround prospects.

Agricultural businesses have some reasonable tailwinds, but the high costs and unpredictable climatic conditions mean they don’t tend to be the best bet for consistent long-term returns.

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Motley Fool contributor Tom Richardson has no financial interest in any company mentioned. You can find him Twitter @tommyr345

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 policyThis article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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