5 shares soaring on the ASX today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its losing streak, posting a fall of 0.5% to close at 4,937.6 points today, with financial companies bearing the brunt of the selloff.

Despite the market sinking, these five companies saw their share prices soar…

Eden Energy Ltd. (ASX: EDE) saw its share price rocket up 30.8% to $0.17, and the share price is now up a whopping 1,550% in the past 12 months, including 260% in the past 3 months. Despite what you may think, Eden is not an oil and gas explorer. In fact, the company is closer to technology than energy. Eden has developed a revolutionary admixture for concrete that significantly improves tensile and flexural strength. That can mean huge savings in repairs, particularly since it needs no steel reinforcement.

Investors are obviously betting the company will be a success, having recently signed a commercial order in the US, following successful field trials. But there’s still some way to go before shareholders see a profit.

Pilbara Minerals Ltd (ASX: PLS) share price soared 22.2% to $0.61 and Galaxy Resources Limited (ASX: GXY) share price gained 10.3% to $0.32, both on expected increased demand for lithium. The huge demand for energy storage, electric cars and lithium as a primary component should see demand for lithium explode.

Pilbara successfully raised $85 million yesterday from institutional investors at a price of 38 cents per share, with a share purchase plan to raise another $15 million from retail investors. The proceeds will be used to take Pilbara’s Pilgangoora Lithium-Tantalum project through to production – expected in December 2017. Pilbara’s share price is up 1,400% since April 2015.

Galaxy Resources recently announced that General Mining Corp Ltd (ASX: GMM) has commenced lithium production at its Mt Catlin project. First delivery of concentrate is expected in July/August 2016. Galaxy’s share price is up 841% in the past year.

General Mining saw its share price rise 14% to 57 cents today too, and is up 1,113% in 12 months.

Beacon Lighting Group Ltd (ASX: BLX) share price rose 7.4% to $2.04, with chairman Ian Robinson recently picking up 10,000 shares on market, and Hyperion Asset Management increasing its holding from 5.26% to 6.82%. That’s despite the company boasting a trailing P/E ratio of 23.2x. The retailer had a strong first half of the 2016 financial year with earnings per share up 22%, but said it expected an even stronger second half of comparative sales. The lighting retailer may well be benefitting from the current boom in apartment and housing construction, so it’s important to watch those factors.

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Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

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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