MENU

4 stocks soaring more than 10% on the ASX today

The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) has soared today, rising 1.9% to 5,218.0 points, with all sectors in the green. A number of previously sold-off blue chips soared including BHP Billiton, Woolworths, and Telstra, but that was nothing compared to these four that all posted double-digit gains today.

Here’s our view…

Slater & Gordon Limited (ASX: SGH) share price recovered 28.1% to close at $1.18. That follows a 35% gain yesterday, but the share price is still down more than 55% since last week and has now lost 80% of its value in the past six months. Colleague Sean O’Neill covered the concerns shareholders currently face in this article earlier today.

Dick Smith Holdings Ltd (ASX: DSH) share price soared 25% to $0.35, after falling more than 57% yesterday on the back of an unexpected writedown and what now ominously looks like a serious profit downgrade. Investors buying in today may think the current share price is a bargain, but there may yet be more cockroaches in the kitchen.

Rent.com.au Ltd (ASX: RNT) share price climbed 18.3% to $0.55. Rent.com.au is following in REA Group Ltd’s (ASX: REA) realestate.com.au’s shoes, but targeting rental properties and an army of Australian landlords. The company says there are 1.4 million properties in Australia managed by individual landlords and a further 1.6 million by property agencies. Those 1.4 million properties are restricted from advertising on realestate.com.au – leaving Rent.com.au to fill the gap. In a recent presentation, the company showed it is growing audience, listing and registered agent numbers.

Metcash Limited (ASX: MTS) share price gained 13.5% to $1.68. The under pressure wholesale distributor and owner of the IGA brand saw its shares rise 16% yesterday on the back of a strong trading update, as we covered in this article. It included a 20% increase in reported net profit for the half year and net debt slashed by 35%.

Why These 3 Blue Chip Shares Look Set to Soar in 2016

Discover The Motley Fool's top 3 blue chips for 2016. These 3 "new breed" shares pay fully franked dividends AND offer the very real prospect of significant capital appreciation. Simply click here to gain access to this comprehensive FREE investment report.

No credit card required.

Motley Fool writer/analyst Mike King owns shares in Telstra Corporation and Woolworths. 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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.