Here’s why these 4 ASX shares are rocketing higher today

It has been a week of ups and downs for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO), but it looks set to finish in positive territory thanks to a 0.6% rise so far today to 5,355 points.

Four shares which have given their respective shareholders something to smile about this weekend are as follows:

Martin Aircraft Company Ltd (ASX: MJP) shares have rocketed a huge 44% to 65 cents earlier today. They have given back some of these gains now and are currently 28% higher for the day. The company behind the Martin Jetpack has gained attention this week after being profiled in a recent article in the Financial Times. As exciting as the concept is, this is a highly speculative share which is just too high risk for my liking. Once formal production commences in June we may begin to have a clearer picture of the growth prospects ahead of it.

Martin Aircraft Company shares are up over 48% this week alone.

Mantra Group Ltd (ASX: MTR) shares have climbed around 3.5% to $4.10 so far today. This rise came as a result of a positive market update from one of its travel industry peers and successful equity raising to fund the acquisition of a hotel in Hawaii. The company issued 27 million shares at an issue price of $3.95 per share in order to purchase the Ala Moana Hotel for US$52.5 million.

Mantra Group’s share price is still down by over 18% so far in 2016.

Metcash Limited (ASX: MTS) shareholders will be delighted to have seen its share price leap by almost 8% to a 52-week high of $2.04 today. Today’s jump can be attributed to news that Credit Suisse has upgraded its price target on the wholesale distributor for IGA stores to $2.25. In recent times, Metcash has struggled in the face of increased competition from its rivals. But it appears investors are becoming more confident that it is a relevant part of the Australian retail landscape with a bright future ahead of it.

Metcash’s share price has now climbed by a whopping 53% in the last 12 months.

Webjet Limited (ASX: WEB) shares are up over 8% today to $6.34 following the release of a market update. Webjet’s management responded to speculation of softness in the travel industry by advising that it was experiencing strong demand from both businesses and consumers. It also stated that Total Transaction Value (TTV) has continued growing at the strong pace of around 28%. This news also lifted industry rival Flight Centre Travel Group Ltd (ASX: FLT) by over 5%.

Webjet has been a standout performer in 2016 with a return of over 14% now.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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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