Here’s why these 4 ASX shares are smashing it today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to put the uncertainty of the Australian election aside for the moment and is pushing higher by 0.2% to 5,260 points.

Four shares in particular which have been contributing strongly to today’s gains are as follows:

Fortescue Metals Group Limited (ASX: FMG) shares are up 7% to $3.88 today following another rise in the iron ore price and news that Rio Tinto Limited (ASX: RIO) has put its giant Simandou project on hold. Rio Tinto’s management has explained that the huge costs of developing the mine couldn’t be justified in the current environment. Taking the Simandou project’s output off the table could help reduce oversupply and be a boost to iron ore prices moving forward.

Fortescue Metals shares are now up 107% in 2016.

Independence Group NL (ASX: IGO) has been the best performing gold miner today with a 9% rise to $3.69. After giving back a lot of its post-Brexit gains, the gold price has started to edge higher once again. Currently the gold spot price is US$1,346, up almost 3% from the middle of last week. Where it goes from here is of course anybody’s guess, but if it holds firm then Australia’s low cost gold miners could be set to produce strong full year results for their shareholders.

Independence Group’s share price has risen 35% in the last 30 days.

Pro Medicus Limited (ASX: PME) shares have climbed over 8% to $5.11 on the back of an announcement of another key contract win in the United States. The leading health imaging company has signed a six-year contract worth an estimated A$18 million with Mayo Clinic. The contract will see Pro Medicus’ Visage 7 technology implemented across all of Mayo Clinic’s radiology practices. This is the third key contract win in just three months for this exciting company.

Pro Medicus shareholders have seen the value of their investment increase by 135% in the last 12 months.

RCG Corporation Limited (ASX: RCG) shares are up over 23% to $1.80 after the Athlete’s Foot operator announced the acquisition of shoe retailer Hype DC for $105 million. Management believes the acquisition will not only be earnings accretive, but also diversify its portfolio and provide opportunities of scale. Investors seem bullish on the move and have been fighting to get their hands on its shares today.

Lastly, if you wanti to add one of these gems into your portfolio then you might want to make space by removing one of these three rotten ASX shares. Each one of them could be doing more harm than good for your portfolio.

3 Rotten Shares to Sell, and 1 to Buy Today

After a double-digit rally for the ASX since 2016 lows, investors should be on high alert. You'll find a full rundown below of 3 shares we think you should avoid today plus one top pick worth buying, even if the market turns south and the RBA keeps rates at an "emergency low." Simply click here to uncover these stocks.

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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