Why these 4 ASX shares have rocketed higher today

Credit: soundingblue

For the first time this week it looks as though the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is going to finish the day in positive territory. Despite giving up some strong early gains, the index still sits up around 0.2% at 5,155 points.

The consumer discretionary and telecommunication sectors have been the stand out performers today, with both sectors posting gains in excess of 1%.

Four companies which have made their respective shareholders smile today thanks to strong gains are as follows:

Crown Resorts Ltd (ASX: CWN) shares have rocketed higher by almost 13% to $12.71. After the market closed yesterday the casino operator announced a number of initiatives designed to enhance shareholder value. These initiatives include a potential demerger of select international investments in order to create a separately listed holding company, paying out 100% of normalised NPAT as a dividend, and a potential IPO of some of its Australian property interests. The market reaction has been overwhelmingly positive and given shareholders a reason to be optimistic after a disappointing start to the year.

Crown Resorts’ share price is up by just under 2% year-to-date.

Graincorp Ltd (ASX: GNC) shares have climbed over 4% to $9.10 today following the company’s investor day presentation. Within the presentation management painted a bright future for the company’s oils segment. This was thanks partly to its belief that it is well positioned for growth on the back of China’s insatiable infant formula demand. Around 25% of infant formula comprises a complex blend of oils which requires technical expertise to produce. Graincorp specialises in this expertise.

Graincorp shares have now increased by over 25% in the last three months.

Newcrest Mining Limited (ASX: NCM) has continued its excellent run with a 3% jump to $22.57. Australian gold miners received a boost last night when Janet Yellen and the US Federal Reserve kept interest rates on hold for another month. This decision together with the upcoming Brexit vote has pushed the price of gold above US$1,300 per troy ounce again. Many market commentators have speculated that the price of gold could climb as high as US$1,400 should Britain vote to exit the European Union. A great time to be a Newcrest Mining shareholder it would seem.

Newcrest Mining’s share price has now risen by a whopping 74% so far in 2016.

Orthocell Limited (ASX: OCC) shares are up over 11% to 35 cents today after the junior biotechnology company issued a positive update regarding its CelGro study. The collagen-based medical device has been examined for use in assisting with the repair of full thickness tears of the rotator cuff tendon in the shoulder. The study found no complications on the three test subjects 42 days after the operation. Very positive news for the company, but perhaps it is still too early to warrant an investment. I believe this is a company worth adding to your watch list, though.

Orthocell shares are up around 9% in the last 12 months, but still around 65% lower than its 52-week high of 99 cents.

If you missed out on gains today then these five fantastic shares could help you play catch up. Not only do they provide strong dividends, they could also provide share price gains for investors in the months ahead.

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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. I contribute to The Motley Fool as a freelance writer and the thoughts and opinions in this post are my own, not that of The Motley Fool’s.

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