Here’s why these 4 ASX shares rocketed higher today

The S&P/ASX 200 (Index:^AXJO) (ASX:XJO) had a poor start to the week, but that certainly wasn’t the case for Bellamy’s Australia Ltd (ASX:BAL) and three other ASX shares.

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After a day of ups and downs for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO), the benchmark index disappointingly finished the day down by 0.2% to 5,515 points.

Declines in the energy and materials sectors were the biggest drag on the market today, each posting declines in the region of 1%. But that didn’t stop these four shares from posting strong gains today. Here’s why:

APN Property Group Ltd. (ASX: APD) shares jumped 5% to 55.5 cents today following the release of a strong full year result. The real estate investment manager reported statutory net profit after tax of $49.7 million, up from $12.6 million in the prior comparative period. It is worth noting that this result is inclusive of a one-off after tax gain of $22.7 million following the divestment of its Healthcare operations. But even after taking that into account the company still produced a 142% increase in statutory net profit thanks to strong growth in funds under management and fee income. Funds under management had risen 21% year on year to $2.2 billion as of 30 June 2016.

APN Property’s share price has risen around 34% in 2016.

Bellamy’s Australia Ltd (ASX: BAL) shares have continued climbing higher, this time by 5% to $14.19. Today’s gain is likely to be attributable to a research note out of Ord Minnett this morning. The note reveals that the wealth management group has upgraded its price target on the organic infant formula producer to $20. This price target represents potential upside of around 40% for Bellamy’s shareholders, indicating that it’s certainly not too late to invest in this rapidly growing company as far as Ord Minnett is concerned. I’d have to agree with it on that.

Bellamy’s share price has rocketed 36% in the last three months.

BlueScope Steel Limited (ASX: BSL) shares jumped almost 6% to $8.72 after the company reported a huge increase in profit. The steel manufacturer posted full year underlying net profit after tax growth of 119% to $293 million thanks largely to a mix of sales growth, cost reductions, and the benefit of its Northern Star acquisition. As well as this, investors were no doubt impressed by the company’s debt reduction over the last 12 months. During the period net debt declined by a massive $595 million to $778 million.

BlueScope Steel’s shares have gone gangbusters this year and are now up 96% in 2016.

GWA Group Ltd (ASX: GWA) shares were far and away the best performers on the index today. They rose 18% to $2.68 following a strong full year result which saw net profit after tax growth of 15% to $51.9 million. The work that management has been doing to strengthen its product offering, reduce costs, and improve the efficiency of its supply chain network has clearly been working. But better yet was its view that in FY 2017 both revenues and earnings will continue to rise for the leading provider of building fixtures and fittings.

GWA’s share price has risen 34% in 2016.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Bellamy's Australia. 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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