Here’s why these 4 ASX shares are soaring today

The ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) fell sharply at the open but has managed to pare back its earlier losses and is trading mostly flat early in the afternoon. The same can’t be said for these four ASX shares which are all rising strongly today:

Ansell Limited (ASX: ANN) has rebounded 6.5% today to trade at $16.01 a share. Shares of the glove and condom manufacturer plummeted late last week in the wake of a significant earnings downgrade and a cautious outlook, but rose today after the company’s CEO said he is optimistic that second-half earnings will be stronger than in the previous six months.

Slater & Gordon Limited (ASX: SGH) shares continue to fluctuate wildly, but have risen 6.8% today to 63 cents a share. The law firm has been the centre of much controversy since mid-2015 and investors are still uncertain about what the future could hold for the business. They have likely become even more cautious after Slater’s rival, Shine Corporate Ltd (ASX: SHJ), also issued a review into its own books, raising questions as to whether law firms should really be listed on the share market. It’s still a risky prospect, and one investors would be wise to avoid for now.

Capilano Honey Ltd (ASX: CZZ) announced its first-half earnings results on Friday after the market closed, reporting a 16% lift in revenue and a 50% lift in earnings before interest and tax (EBIT). Although it’s sticking with its tradition of not paying an interim dividend, it did provide an upbeat outlook for the second-half of the year. The Capilano share price is up 6.2% at $20.45.

EVOLUTION FPO (ASX: EVN) has risen 5.3% to $1.695 per share after the gold price surged as high as US$1,173 an ounce – its highest level since October. Gold is often considered to be something of a safe-haven for investors, who are likely turning to the precious metal as a result of the high levels of uncertainty in the global economy right now. A higher gold price, combined with a weaker Australian dollar, is good for gold producers such as Evolution Mining.

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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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