4 stocks soaring on the ASX today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has plunged more than 1% in afternoon trading, dropping 58.9 points to 5,456.6, as investors become increasingly worried about the US Federal Reserve raising interest rates.

Several large companies going ex-dividend hasn’t helped, but despite that, these 4 companies have seen their share prices jump.

Eden Energy Ltd (ASX: EDE) is up 20.6% to 22 cents

Eden Energy announced today that the US Georgia Department of Transportation (GDOT) is in the process of identifying several state-funded highway slab replacement projects in which it will specify that EdenCrete needs to be added to the concrete. Edencrete is Eden Energy’s proprietary admix that makes concrete stronger and harder-wearing, requiring less maintenance and no need for steel reinforcement. That should see orders for Edencrete flood in – good news for Eden.

Money3 Corporation Limited (ASX: MNY) is up 12% to $1.64

Money3 today announced a 40% increase in revenues and a 44.4% increase in net profit after tax compared to the prior year to $20.1 million. The short-term money lender expects growth to continue, and is forecasting NPAT of $26 million in the 2017 financial year. 76% of the company’s gross loan book comes from secured automotive loans. Money3 also delivered 5.25 cents in dividends, fully franked, this financial year – and those dividends are likely to grow strongly next year too.

Ellex Medical Lasers Limited (ASX: ELX) saw its share price gain 5.4% to $1.17

The eye laser manufacturer reported strong 2016 financial (FY16) results today – its fourth consecutive year of revenue and profit growth. Reported net profit was up 80% to $3 million, despite revenues rising just 16% to $72.9 million. Strong growth came from all major regions with Asian sales almost doubling. The outlook for FY17 was also positive with the company expecting the strong growth to continue.

Given the relative news, the above three companies might be worthy of further research.

Austal Limited (ASX: ASB) was up 11.1% to $1.30

Another company seeing its share price rise on the back of 2016 financial results, the Australian boat builder reported a 44% fall in underlying net profit of $25 million in FY16 as revenues fell 5%. Operating cash flow was strong though at $102.1 million – perhaps a better indicator of the group’s profitability. The good news is that Austal has an order book of $3.4 billion which secures revenues through to 2021, the bad news is that revenues and earnings can be lumpy as can expenses. The other problem is that Austal can underestimate the costs it might incur in building a boat.

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Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

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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