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Why these 6 ASX shares are jumping today

Credit : Will

After falling heavily earlier in the session, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back to trade roughly flat around 2:00pm, Sydney time. But that hasn’t stopped these six shares from jumping higher.

Mesoblast limited’s (ASX: MSB) share price jumped 6.5% to $1.645, making it the best performing share from the ASX 200 group at this stage in the day. Indeed, shareholders of Mesoblast have been taken on a wild ride recently after the group’s dismal capital raising via the NASDAQ in the United States. The shares subsequently fell to a low of $1.43, but have since rebounded with many investors under the impression they had become oversold.

EVOLUTION FPO (ASX: EVN), or Evolution Mining, has surged 5.3% with the miner’s share price now trading at $1.38. It seems likely that today’s gain can be attributed to the lift in the spot price of gold overnight which is now fetching US$1,076 an ounce. Notably, Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) have also risen 1.7% and 2.2%, respectively.

Slater & Gordon Limited (ASX: SGH) has recovered 3.1%, but traded as much as 12.9% higher shortly after midday. Slater & Gordon’s shares have been extremely volatile recently following reports of proposed changes to personal injury laws in the United Kingdom. Earnings aren’t expected to be impacted this financial year but could come under intense pressure from financial year 2017 onwards. Despite today’s gain, the share price remains nearly 70% lower over the last month.

Santos Ltd’s (ASX: STO) share price has also regained 4.5% after yesterday’s heavy decline. The shares lost 50 cents or 13.1% to end the day at just $3.31 after oil prices hit the skids. Although the shares are still hovering near their lowest price on record, further falls are certainly possible in the near future and investors would be wise to avoid the sector altogether, for now at least.

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

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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