Here’s why these 4 ASX shares rocketed higher today

Credit: PressReleaseFinder

It has been a rocky day on the markets with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) spending most of the day bouncing back and forth into positive and negative territory. As the market close approaches the index is currently down 0.3% to 5,541 points.

However, four shares which are going against the grain today and climbing higher are as follows:

Bega Cheese Ltd (ASX: BGA) surged higher by around 7% to $6.20 after it announced that it has reached an agreement with Woolworths for the supply of a significant component of its private label cheese range commencing January 2017. Although no financial details have been given by either company, we do know this forms a significant part of a supply agreement that was worth $108 million in annual sales to previous supplier Murray Goulburn.

Bega Cheese shares are still down over 16% in 2016.

Clinuvel Pharmaceuticals Limited (ASX: CUV) has jumped almost 6% to $5.02 following the release of its quarterly update. The biopharmaceutical company posted cash receipts of $1.2 million for the quarter, which was a 50% rise in cash receipts on the previous quarter. Year-to-date it posted cash receipts of $3.6 million, which is a 43% increase on the prior corresponding period. Although it just fell short this quarter, if it continues to grow cash receipts at this rate it will be cash flow positive very soon.

Clinuvel Pharmaceuticals shares have risen a staggering 90% this year.

Graincorp Ltd (ASX: GNC) shares have jumped over 4% to $8.49 following reports in the Australian Financial Review that revealed Credit Suisse has upgraded its shares to an outperform rating with a $9 price target. Analysts believe that by next week Archer Daniels Midland will be off the company’s share registry putting Graincorp in a position to look into selling its minority interest in its east coast port assets for upwards of $800 million.

Graincorp shares are now down by around 2% year to date.

ResMed Inc. (CHESS) (ASX: RMD) shares are up 7% to $9.22 after the sleep treatment specialist posted yet another strong quarter. In its final quarter the company reported an 8% increase in adjusted revenue to US$489.7 million, with adjusted net income also increasing 8% to US$104.4 million. Furthermore the company lifted its quarterly dividend by 10% to 3.3 US cents per share. Although its yield is by no means the greatest, it is growing at a rapid clip. This and its strong earnings growth could make it a great long-term investment.

ResMed’s shares have risen over 22% in 2016.

Would Warren Buffet own any of these four shares? Perhaps he would, but you might just be able to pick out some Buffett-inspired ASX winners after reading how he generated 99% of his wealth after he turned 50 years of age.

How 1 Man Made 100x His Money After 50

Few know, that as Warren Buffett blew out the candles on his 50th birthday cake, he had just 1% of his current fortune. Think about it: At an age when most give up hope, Buffett was just getting started on the remaining 99% of his fortune. Goes to show you that it's never too late for you to potentially get rich. Which is why we've gathered the strategies we learned from Buffett, distilled them down to 11 simple lessons, and put it in an exclusive report for you to claim. Just click here to learn more about this handy investing guide.

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.