Why these 4 ASX shares are skyrocketing today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has benefited from a strong international lead today in what looks set to become its first two-day rise for the year. The market itself is up 1.1% at 4919 points, but these four ASX shares are generating even greater gains.

BHP Billiton Limited (ASX: BHP) has risen a staggering $1.19 per share or 8.4%, adding billions of dollars onto the miner’s market value. The company’s London-listed shares jumped more than 10% overnight on improved investor optimism, together with a strong rebound in the oil price. It’s been a horror run for BHP shareholders so far in 2016 so the gains are certainly welcome.

Santos Ltd (ASX: STO) is another oil producer that has been hit hard so far in 2016, although its shares have bounced 11.5% today. The company issued its fourth-quarter production report today in which the group’s chairman said it “is well placed to withstand an extended period of low oil prices”. The shares started the year at $3.68, but soon fell to a low of just $2.48 – their lowest price in more than a decade – and have since rebounded to $2.85.

Medibank Private Ltd (ASX: MPL) is one of the market’s stand-out performers today. Its shares rose as much as 20.5% at one point to a new all-time high of $2.70 after the health insurance business upgraded its annual profit targets from “above $370 million” to “above $470 million” – a 27% guidance increase. The shares have since retreated to $2.49, up 11.2% for the day.

Treasury Wine Estates Ltd’s (ASX: TWE) share price has lifted 14.6% to $9.05, which is also a fresh high for the group. The company said that based on its unaudited accounts, EBITS (earnings before interest, tax, and SGARA – or self-generating and regenerating assets) for the six-months ended 31 December would be in the range of $140 million to $150 million. That compares to analyst consensus of around $120 million.

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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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