Why these 4 shares are flying higher on the ASX today

Credit: Kristian Niemi

Buoyed by gains on international markets overnight, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) powered higher today, shrugging off concerns out of China earlier in the week. However, the following four ASX shares were tracking even higher than the market.

  1. Sedgman Limited (ASX: SDM) – up 35%

Shares of mining and resources services business, Sedgman, soared more than 35% today following a final unconditional takeover offer from Cimic Group Ltd (ASX: CIM) (formally Leighton Holdings). The $150 million deal will see Cimic acquire the remaining 63.01% of Sedgman shares that it does not already own, at $1.07 per share. Sedgman directors have told shareholders to take no action until the board has taken time to review the offer.

  1. ThinkSmart Limited (ASX: TSM) – up 26%

The share price of small-cap consumer software provider, ThinkSmart, soared higher today after the company increased its full-year group operating profit guidance to between $4.5 million and $5.5 million. “The strong first half UK performance has been largely delivered by double digit year-on-year growth in business volumes in our established SmartPlan product, together with reduced funding costs and ongoing systemic improvements in bad debt management,” Executive Chairman Ned Montarello said.

  1. Beach Energy Ltd (ASX: BPT) – up 10.4%

Record-low oil prices have not been enough to keep shares of Cooper Basin oil and gas producer, Beach Energy, from soaring higher today. The company was among yesterday’s worst performers (it fell 7%) following the appointment of CEO Matthew Kay. However, it appears the market is in a different mood today after the group released its December monthly drilling report.

  1. Alumina Limited (ASX: AWC) – up 9.8%

Alumina shares rallied higher today despite investment bank Goldman Sachs cutting its price target 8% to $0.93. Alumina is the 40% owner of Alcoa World Alumina and Chemicals (AWAC), a subsidiary of Alcoa Inc. Yesterday, Alcoa released its fourth quarter earnings release. Alumina also updated the market by telling shareholders it has received $35.2 million of dividends and distributions from AWAC and its net debt stands at $US101 million.

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

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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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