Why these 4 ASX shares are soaring today

The Australian share market is rising higher again today, following the lead set by international markets overnight. Here are some of the market’s best performing shares so far…

BHP Billiton Limited (ASX: BHP) is benefiting from gains in commodity prices overnight, together with its update on how it plans to reinvigorate growth within its business. The message coming from management was that “we are not waiting for prices to recover”. They stated that everything they need to ‘significantly increase’ the value of the business is already part of its portfolio. The shares rose 3.3% to $18.42.

Northern Star Resources Ltd (ASX: NST) is leading the gold miners higher today, rising 6.5% to $4.45. The gold price has rebounded to US$1,270 an ounce, while the Australian dollar has also retreated to less than US74 cents, which should both provide a boost to Northern Star’s bottom line.

QBE Insurance Group Ltd (ASX: QBE) has risen another 4.1% today, rising to $11.895. The rise comes following the insurer’s investor day on Tuesday in which it said it was looking to capture annual growth of 3%, despite rising competition, global economic volatility and low investment returns. The company also said it was targeting dividend growth greater than profit growth, which will appeal to many investors in today’s low interest rate environment.

Class Ltd (ASX: CL1) shares have surged 8.5% to a record high of $2.80 after the cloud-based SMSF administration software provider signed a large contract with accounting services business FINDEX. The contract is expected to see over 8,000 SMSFs loaded onto Class’s platform over the next couple of years.

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Motley Fool contributor Ryan Newman owns shares of Class Limited. The Motley Fool Australia owns shares of Class Limited. 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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