6 stocks soaring on the ASX today

The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) has recovered from the lows of the day hit earlier this morning but still remains 0.5% down at 5,076.40 points.

Almost all sectors are in the red, apart from telecommunications and utilities. Looks like investors are seeking out the defensive telcos and power and energy companies to help with the volatility.

Among the companies rising on the ASX today are these four…

Orocobre Limited (ASX: ORE) has seen its share price rise 6% to $4.57. That came after broker Morgans upgraded the lithium producer upgraded the stock to Add from Hold and also raised its price target to $5.66 – well above today’s share price. The broker has reportedly factored in much stronger lithium prices into its valuation.

In fact, Morgans’ optimism has rubbed off on other lithium producers, with Altura Mining Ltd (ASX: AJM) and Pilbara Minerals Ltd (ASX: PLS) soaring 9.1% and 5.2% respectively.

BetaShares Australian Equities Strong Bear Hedge Fund (ASX: BBOZ) saw its share price rise 1.8% to $26.11 on heavy volumes. The reasons should be fairly obvious. The ETF aims to magnify profits from declines in the Australian share market. A 1% fall in the ASX should result in a 2% to 2.75% increase in the value of the fund. Investors should also be aware that it also works vice versa. (Full details here if you are interested).

Spark New Zealand Ltd (ASX: SPK) saw its share price rise 1.4% to $3.305. The mobile network operator and broadband retailer is likely being sought out by investors looking for the relative safety of defensive stocks. Telstra Corporation Ltd (ASX: TLS) is also rising today for similar reasons. We recently covered Spark in more detail here.

IRN MTN CDI 1:1 (ASX: INM) – or Iron Mountain as it is known – saw its share price rise 1.4% to $51.71. The US company specialises in document management and storage, and took over Recall Holdings in a $2.6 billion deal earlier this year. As part of the deal, Iron Mountain decided to list on the ASX – hence the IRN MTN shares. It too could be classified as a defensive stock, which we discussed in more detail earlier today.

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Motley Fool writer/analyst Mike King owns shares in Telstra Corporation. You can follow Mike on Twitter @TMFKinga

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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