Why these 4 ASX shares are soaring higher today

The Australian share market has started 2016 with two consecutive down days as weak manufacturing data out of China fuels bearish short-term sentiment and causes investors to hit the sell button.

However, there are several businesses flying higher despite the general malaise and it’s worth taking a look at what might be behind the rises of some of today’s top gainers.

Newcrest Mining Limited (ASX: NCM) shares are up 2.2% as the spot price of gold jumped overnight on renewed uncertainty over the outlook for global growth. Gold is likely to receive support on further bad news out of China and investors convinced a big crash is just around the corner may find Newcrest shares an attractive hedge.

JB Hi-Fi Limited (ASX: JBH) shares are up 2.2% to $20.55 probably because investors are betting that the knockout of Dick Smith Holdings Ltd (ASX: DSH) will give JB Hi-Fi more market share and perhaps even some margin-gouging potential. In the electronics retail space it seems only the strongest survive and JB Hi-Fi fits the bill with a decent outlook supported by generally strong consumer demand for the latest electronic products.

AWE Limited (ASX: AWE) shares are up around 8% after the oil and gas explorer announced it has made a final investment decision in its joint venture to develop the Waitsia gas fields with Origin Energy Ltd (ASX: ORG). Total costs for stage 1A are expected to be $17 million, with AWE’s share at $9 million. First stage production is expected to provide cash flow from mid-2016, with potential to lift production on a reportedly low-cost basis for one of Western Australia’s premier gas fields.

Resapp Health Ltd (ASX: RAP) shares are up 19% or 2.5 cents to 15.5 cents today as the digital healthcare operator progresses in its quest to eventually commercialise a smartphone app that can assist in the diagnosis of respiratory diseases. Common respiratory diseases such as asthma or influenza are traditionally diagnosed via stethoscope or X-ray imaging, and ResApp claims it has the software driven mobile app to assist in a digitally driven diagnosis by healthcare professionals.

The company is still in the early stages of its ambitions, but hopes to bring a product to market in late 2016 and says it is now fully funded to meet this objective until then.

The technology that's going to REPLACE the Internet is already here...

Dollar for dollar, insiders are calling it one of the biggest new markets in the history of modern business... NOW is the time to get in on the hush-hush industry that could be poised for growth of over 4,463%+ by 2020... And the 1 ASX stock that stands to grow YOUR money right alongside it! Simply click here to learn its name.

Motley Fool contributor Tom Richardson has no position in any stocks mentioned.

You can find Tom on Twitter @tommyr345

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.