Here’s why these 4 ASX shares are soaring today

The Australian share market is soaring higher again today with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) jumping 1.5% during the afternoon. It’s now sitting just below the 5000 point mark.

While the share market itself is performing strongly, these four ASX shares are generating even greater gains today:

Slater & Gordon Limited (ASX: SGH), the embattled legal firm, has risen 22% with its shares now sitting at 72 cents, up from a recent low of 53.5 cents. Given that Slater & Gordon hasn’t released any news that would specifically explain the gain, it could have something to do with an announcement from its rival, Shine Corporate Ltd (ASX: SHJ).

Shine was meant to return to normal trading today following a voluntary suspension, but extended its suspension as it reviews its Work In Progress recovery rates and provisioning. Slater & Gordon has had to deal with this issue as well, but investors may prefer the outlook for Slater & Gordon at its current price over Shine Corporate at its current price.

Ten Network Holdings Ltd (ASX: TEN) has rallied 10.7% with its share price now sitting at $1.45. The free-to-air television network has struggled in recent years as a result of declining ad revenues, more hours being spent watching videos on the internet as well as the rise of streaming services such as Netflix. Ten has just completed a 1-for-10 share consolidation, taking its total share count to around 370.8 million (down from 3,707.8 million).

Liquefied Natural Gas Ltd (ASX: LNG) shares have risen 12% and are now changing hands for 67.2 cents. LNG Ltd has come under considerable selling pressure in recent months as a result of the crashing oil price (which threatened the economic viability of two of its major projects), but shares risen today after a 10% gain in oil prices on Friday.

Sundance Energy Australia Ltd (ASX: SEA) has also benefited from a huge rally in oil prices, with some pundits suggesting the resource has finally found a floor. The shares have gained 13.4% today to trade at 11 cents after hitting a low of 9.1 cents on Thursday. However, they’re still trading more than 35% lower since the beginning of the year.

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Netflix. Motley Fool contributor Ryan Newman owns shares of Netflix. 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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