Here’s why these 4 ASX shares are surging higher today

Credit: r reeve

It has been a strong start to the month for the S&P/ASX 200 (Index: ^AJXO) (ASX: XJO). After dropping a touch from its highs, the index is currently higher by 0.5% to 5,588 points.

Doing a lot of the heavy lifting has been the energy sector. This sector has been the stand out today with a gain of over 2% as of afternoon trade.

Across the market there have been four shares in particular soaring higher. Here’s why:

Catapult Group International Ltd (ASX: CAT) shares are up 4% to $3.96 after the sports analytics company released strong full year sales results to the market. After a strong fourth quarter the company reported that full year sales exceeded its prior guidance of 8,000 total units and $24.5m total contract value. Total units ordered increased 63% on FY 2015 to 8,354, and total contract value jumped 74% to $29.4 million.

Catapult shares have risen 182% in 2016.

Intecq Ltd (ASX: ITQ) shares surged higher by 29% to $7 after it announced that it had entered into a binding scheme implementation agreement under which Tabcorp Holdings Limited (ASX: TAH) has agreed to acquire all its shares via a scheme of arrangement. If the deal completes, Tabcorp will pay $7.15 per share in cash to acquire the gaming technology company’s network of over 70,000 electronic gaming machines.

Intecq shares are up over 91% in 2016.

Lifestyle Communities Limited’s (ASX: LIC) share price has jumped 7% to $3.20 despite there being no news out of the company. Today’s gain is likely to be attributable to a research note released by Goldman Sachs this morning. The investment bank’s note revealed that it has initiated coverage on the retirement living provider with a buy rating and a $4 price target.

Lifestyle Communities shares have now climbed by over 27% this year.

Resolute Mining Limited (ASX: RSG) shares have rocketed higher by over 17% to $1.95 after it released incredibly positive drilling results from its Syama gold mine in Mali. The results confirm a major extension to the mine which management expects will not only see a substantial increase in mine life, but will allow the gold miner to consider expanding future production. Another contributor to today’s gain was the rise in the gold price which has helped boost the majority of Australia’s gold miners.

Resolute Mining’s share price has now put on gains of around 680% in 2016.

Lastly, before you add these or any other ASX shares to your portfolio I would highly recommend checking to see if you own one of these three rotten ASX shares. Each could be harming your portfolio and might be best swapped out in my opinion.

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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