Why these 4 ASX shares are soaring today

Some of today's biggest winners include Liquefied Natural Gas Ltd (ASX:LNG) and Sky Network Television Ltd (ASX:SKT).

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After a positive start to the trading day, the聽S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) quickly turned negative聽and is now trading around 0.59% lower at聽5,338 points.

Despite the disappointing聽turnaround, these four stocks have continued to聽perform strongly today:

Sky Network Television Ltd (ASX: SKT)

Shares of Sky Network have skyrocketed more than 21% higher聽this morning after the company announced it would be merging聽with Vodafone NZ. As detailed here, Sky Network will acquire all of the聽shares in Vodafone NZ for a total purchase price of NZ$3.4 billion. The combined entity聽is expected to deliver significant cost, capital expenditure and revenue synergies and at the same time create one of聽New Zealand's biggest entertainment, media and telecommunications companies. The past 12 months have been difficult for Sky Network as competition from streaming services like Netflix聽has聽resulted in falls to its pay-TV subscriber numbers. Investors are clearly in favour of the deal which could help to reverse Sky Network's slowing growth.

Despite today's huge rally, shares of Sky Network have lost around 13% over the past 12 months.

Liquefied Natural Gas Ltd (ASX: LNG)

Shares of LNG have continued on their recent rally to trade聽7% higher to $1.10. The shares had actually traded聽as high as $1.29 in early trade, before the company released an announcement that watered down聽speculation that it聽was a takeover target.聽Amazingly, the shares have more than doubled in price over the last week on the back of significantly higher trading volumes. Investors will no doubt watch聽this stock very closely over the coming days for further developments.

Despite the massive gains of the last week, shares of LNG have still聽fallen nearly 70% over the past 12 months.

Lovisa Holdings Ltd (ASX: LOV)

Shares of Lovisa have jumped more than 10% today after the company released a fairly聽unsurprising investor update. The most important points to come out of today's update for investors were that the company re-affirmed its full year guidance and noted that its expansion into the UK is going as planned. Lovisa shares have been under serious pressure since the company announced a profit downgrade in January this year so investors will be relieved to聽see the company remains on track to meet its聽previous guidance.

Shares of Lovisa have fallen by more than 33% over the past 12 months.

Webjet Limited (ASX: WEB)

Following on from a strong day yesterday, shares of Webjet have climbed more than 3.5% today to an all-time high of $7.28. The online travel agent announced yesterday that it would acquire聽New Zealand-based Online Republic for NZ$85 million. The deal is expected to be immediately earnings per share accretive and will allow Webjet to target additional markets within the travel sector. The company also re-affirmed its previous full year聽guidance and said聽it聽is聽still experiencing total transaction value (TTV) growth聽of around 28%.

Shares of Webjet have increased by more than 133% over the past 12 months to make it one of the best performing small-cap shares on the ASX.

Motley Fool contributor Christopher Georges 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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