5 ASX stocks soaring on the market today

Is this the start of a rally into Christmas? The so-called Santa-rally? Could be, as the S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) soared 2.1% to 5,195.20.

Well, the market might have soared, but that was nothing to these five stocks, which saw their share prices rocket up today.

Ozforex Group Ltd (ASX: OFX) share price rocketed up 30% to $3.38, after receiving a takeover offer from US money transfer company Western Union. The offer was priced at between $3.50 and $3.70, around 38% higher than yesterday’s close of $2.60. But investors appear to be somewhat concerned that the takeover may not go ahead, given the share price is trading at a discount to the bottom of the offer range.

Netcomm Wireless Ltd (ASX: NTC) saw its share price climb 14.3% to $2.40, as investors soak in the highly-optimistic comments from management at yesterday’s AGM. Netcomm appears supremely confident about the future, with its networking products being used in the rollout of the National Broadband Network (NBN) in Australia, not to mention the potential to sell its products globally as consumers demand faster internet.

Mineral Resources Limited (ASX: MIN) share price jumped 12.6% to $4.64. The iron ore miner and mining services company says it expects to report earnings before interest, tax, depreciation, and amortisation (EBITDA) of between $250 and $290 million in the 2016 financial year (FY16), compared to $283 million last financial year. But that is dependent on the iron ore price averaging US$50 a tonne over the next 7 months. Investors were also pleasantly surprised by the company’s announcement of allocating $40 million in FY16 to a combination of fully franked dividends and a share buy-back.

Nine Entertainment Co Holdings Ltd (ASX: NEC) saw its share price recover 4.7% to $1.66, after falling more than 20% in the past six months. The free-to-air broadcaster has reportedly been in talks with its regional partner Southern Cross Media Group Ltd (ASX: SXL) about a potential merger, giving the metropolitan based Nine regional access through Southern Cross. Unfortunately for both, free-to-air TV is a dying sector and both companies will need to morph into more diversified media companies if they are to survive.

Sonic Healthcare Limited (ASX: SHL) share price gained 7.8% to $20.43, making up yesterday’s fall and then some. The pathology and diagnostic imaging company held its AGM today and reaffirmed its guidance for earnings of between $815 and $840 million for the full 2016 financial year. Investors may have been relieved that a subdued imaging market has been more than made up for by strong growth in pathology and in the group’s UK operations.

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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

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. 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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