Why these 4 ASX shares are soaring on Christmas Eve

The S&P/ASX 200 (Index: ^AJXO) (ASX: XJO) traded a much as 1.3% higher at lunchtime, despite a reduced trading window ahead of the Christmas long weekend. However, shares of the following four companies were rampaging more than 4.5% higher.

  1. Liquefied Natural Gas Ltd (ASX: LNG) – up 11.5%

The Liquefied Natural Gas Ltd share price has been on a one-way ticket downwards in 2015, following steep declines in global oil prices. Liquefied Natural Gas Ltd shares peaked at $4.90 on May 1 this year but have since fallen 82%. The company didn’t release any material news to the market today, but crude oil prices leapt 3.8% overnight and traders appear to have bought up the company’s share price.

  1. Metcash Limited (ASX: MTS) – up 4.95%

Like Liquefied Natural Gas Ltd, Metcash shares have struggled throughout 2015. However, the owner of IGA, Foodworks, Mitre 10 and more has seen its share price rally some 50% since September. There was no company-specific data out to explain the company’s share price rise today, except for a notice from National Australia Bank Ltd. (ASX: NAB) which showed the bank and its relevant holding companies lifted their shareholding in Metcash from 11.01% to 12.06%.

  1. BHP Billiton Limited (ASX: BHP) – up 5.12%

Following yesterday’s rally, shares of Australia’s largest mining company today snapped back into positive territory. The company has seen its share price fall 38% in 2015, as investors reacted to plunging commodity prices. However, sanguine news flow from the company’s jointly owned Brazilian subsidiary, Samarco, yesterday appears to have restored investor confidence in ‘The Big Australian’.

  1. Rio Tinto Limited (ASX: RIO) – up 4.95%

Rio Tinto has been through a very similar set of events to rival BHP; however, since Rio has no exposure to oil prices, its share price has fared better than BHP’s throughout the year. Down 20% since January, bargain hunters could be going on a prowl for seemingly cheap resources shares leading into 2016. However, in this Fool’s opinion, gambling on a bottom in the commodity cycle could be a very risky pastime. Especially when there are far better opportunities available (see below).

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Motley Fool writer/analyst Owen Raszkiewicz has no position in any stocks mentioned.

Owen welcomes your feedback on Google plus (see below), LinkedIn or you can follow him on Twitter @ASXinvest.

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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