Here’s why these 4 ASX shares surged higher today

It hasn’t been a great day so far for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO), with the index spending most of Tuesday in the red. Currently it is lower by almost 0.2% to 5,531 points due to declines across most sectors.

However there are a number of shares going against the grain and posting strong gains today. Here are four in particular that have caught my eye:

ASG Group Limited (ASX: ASZ) shares have rocketed higher by 14% to $1.20 after announcing record full year results culminating in a 32% increase in EBITDA to $26.7 million. The leading Australian IT services company advised that continued growth in large-scale, multi-year contracts and material improvements in operating margins were behind the strong result. The great news for shareholders is that management advised that the expansion of multi-year contracts means that $185 million of revenue is already locked in for FY 2017.

ASG Group’s share price has now broken into positive territory this year and is up 2% year to date.

Beach Energy Ltd (ASX: BPT) shares have risen 4% to 57.7 cents following a recent rise in oil prices. Both WTI and Brent crude oil prices have jumped over 10% in the last three trading days as a result of hopes that OPEC and other major oil producers will agree to freeze production in order to boost prices. Previous attempts to come to a similar agreement earlier this year failed and I’d be quite surprised if this one didn’t as well.

Beach Energy’s share price has risen almost 18% this year.

Orora Ltd (ASX: ORA) shares are climbing higher for a second day running, this time by 4% to $3.16. Yesterday the packaging company’s share price rose 9% after announcing strong full year results that revealed a 23.8% rise in net profit. Today’s rise is likely to be attributable to a research note from Credit Suisse that revealed the investment bank had upgraded Orora’s shares to a buy rating with a $3.30 price target.

Orora’s share price has rocketed 40% so far in 2016.

Praemium Ltd (ASX: PPS) shares are up 6% to 43 cents today after the growing fintech company released its full year results to the market. Leading broker Bell Potter was clearly impressed with the results that saw Praemium report a 23% jump in revenue to $30.2 million and an impressive 72% increase in EBITDA to $3.8 million. According to a research note the broker reiterated its buy recommendation and increased its price target for Praemium to 72 cents.

Praemium shares have now climbed 55% in 2016.

Lastly, if you missed out on these gains today don't worry, these three shares could be next in line to post strong gains if you ask me. These new breed blue chips not only could climb higher in the coming months, they all provide growing fully franked dividends too.

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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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