Here’s why these 3 ASX shares are jumping higher today

Credit: Scott Lewis

For most of the day the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and climbed higher. But it has now lost the majority of its early gains and in afternoon trade the index is up slightly at 5,259 points.

Three shares which have been doing a lot of the heavy lifting and keeping the index in positive territory are as follows:

Medical Developments International Ltd (ASX: MVP) shares were up by as much as 5% to $6.25 today before falling back a touch. Today’s gains came as a result of the company’s announcement stating that it has received marketing authorisation for its Penthrox pain management product in France. As this agreement could potentially open the door to the rest of the European Union, today’s announcement could prove to be quite significant. I’m a big fan of Medical Developments International and believe it is definitely worth keeping a close eye on.

Medical Developments International’s share price has increased 66% in 2016.

Metcash Limited (ASX: MTS) has reversed some of yesterday’s declines with a 3% increase to $1.91 today. Although yesterday’s annual results failed to impress the market, Credit Suisse analysts saw enough in them to raise their price target on the shares to $2.35 today. The price target that the team at Credit Suisse has placed on Metcash implies potential upside of around 23%. Personally, I feel it is a little too early for an investment with the price war between the big supermarkets taking its toll on the company and its margins.

Metcash shares are up by 18% year to date.

OceanaGold Corporation (ASX: OGC) shares have climbed 4% to $4.72 today despite there being no news out of the company. But compared to many of its peers, I feel OceanaGold’s shares do look to be reasonably good value at present. Its shares are changing hands at 20x trailing earnings, compared to Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) which are changing hands at 32x and 67x trailing earnings respectively.

OceanaGold shares have rocketed 75% in the last six months.

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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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