Why these 4 ASX shares are rocketing higher today

South32 Ltd (ASX:S32) is one of four shares trying to keep the S&P/ASX 200 (Index:^AXJO) (ASX:XJO) in positive territory today.

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The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has been fighting hard to stay in positive territory today. In afternoon trade the index has dropped into negative territory at 5,221 points. If it stays this way the index will have lost around 0.5% of its value this week, which isn't too bad considering the big drops we witnessed on Wednesday.

Four shares have been doing their best to ensure their respective shareholders have something to smile about this weekend. Let's take a look at them.

BT Investment Management Ltd (ASX: BTT) shares leapt higher by 5% to $7.70 in late morning trade despite there being no news released to the market. By my calculations BTIM will release its funds under management for the quarter ended June 30 2016 at the start of next week. As the company has significant exposure to the UK markets, this update will no doubt reveal the full extent of any damage caused by the Brexit. The rampant buying of shares today by some investors could be a sign that they believe things won't be as bad as the market expects.

BTIM shares are down 24% since Britain voted to leave the European Union.

KOGAN.COM DEF SET (ASX: KGN) shares have bounced back and are up by 4% to $1.56 today. The online retailer had an incredibly disappointing debut on the ASX boards yesterday. Its shares listed at $1.80, but finished the day lower by 16% at $1.51. According to reports in the Sydney Morning Herald, founder and CEO Ruslan Kogan brushed off any concerns of its disappointing debut. He reiterated his view that the business remains fundamentally very strong. This reassurance appears to have eased investors.

Kogan.com shares are now down 13% since listing yesterday.

South32 Ltd (ASX: S32) shares have jumped over 4% to $1.72 today. Today's gain follows a similar jump in the share price of its London-listed shares. They climbed yesterday after being upgraded to a buy rating by US-based investment bank Jefferies, according to FTSE News. The investment bank appears to still believe there is value in South32 despite the stunning 61% rise in its share price this year.

South32 is still down by a fraction of a percent in the last 12 months despite this year's gains.

Sky Network Television Ltd (ASX: SKT) shares are up around 4% to $4.71 today. The New Zealand-based entertainment company's shares have now climbed by close to 6% since it announced that its shareholders had voted overwhelmingly in favour of its proposed $3.4 billion acquisition of Vodafone New Zealand. Whilst the deal is still subject to satisfaction of the remaining conditions precedent and regulatory approvals, it is giving shareholders something to smile about after a difficult 12 months.

Sky Network Television shares are down 13% in the last 12 months, despite recent gains.

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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