Why these 4 shares are soaring today

Credit: iStock

It looks like the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is going to finish higher for a whopping eighth-consecutive session. Heading into the close the benchmark index is up by over 0.5% to 5,459 points.

Gains have been seen in all sectors except the materials sector today, with the consumer discretionary sector being the best of all with a 1.2% gain. Amongst the many shares trading higher today, there have been four shares in particular performing strongly. Here’s why:

Afterpay Holdings Ltd (ASX: AFY) shares continued their strong run and are up by around 13% to $2.25. Today’s gain means the shares are now up by 42% in the last five trading days thanks to a promising market update released by the company last week. This growing fintech company allows consumers to buy items from a growing number of retailers’ online stores but pay later without interest or fees. The company earns a small percentage of the sale in return for bearing its default risk. Last week’s update revealed the company has been piloting its service in the bricks-and-mortar stores of Cue Clothing and Veronika Maine. According to management the results have been encouraging.

Afterpay’s share price has risen by around 82% so far in 2016.

Lynas Corporation Limited (ASX: LYC) shares are up around 10% to 8.4 cents following the release of its quarterly activities report to the market. The update revealed both record production and record sales for the rare earths producer. Management revealed the strong quarter was thanks to increased production volumes and continuing strong relationships with strategic customers in Japan and China. In addition to this, despite prices remaining low the company’s cost-cutting led to a more favourable cost per kilo ratio.

Lynas shares are still down 17% year-to-date despite today’s gains.

Oil Search Limited (ASX: OSH) shares are up by over 3% to $7.23 despite news that its $US2.2 billion dollar bid for InterOil has been beaten by a superior proposal from US behemoth Exxon Mobil. Oil Search’s management stated that the board are “committed to acting in the best interests of shareholders at all times and are presently considering their position.” It also advised that Oil Search is entitled to be paid a US$60 million break fee (of which Total SA is entitled to 20%), which would more than cover the costs associated with its offer.

Oil Search shares are up around 8% so far this year.

WiseTech Global Ltd (ASX: WTC) shares have rebounded from a steep decline on Friday with a 4% rise to $5.29 today, despite no news being released to the market. Considering Bell Potter recently upgraded the company to a buy rating with a $5.90 price target, it’s hardly surprising to see its shares rebound strongly after their 5% drop on Friday. This growing company provides software solutions to the logistics industry and is great long-term investment in my opinion. Going into the close the shares have just given back a lot of today’s gains and look set to finish up by 1%.

WiseTech Global shares have risen 34% since its IPO in April.

Lastly, before you go investing in Afterpay or any of the other three shares I would highly recommend giving this a read. If you've got $10k to invest, find out how this man turned it into over $8 million.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. 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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