Here’s why these 4 ASX shares stormed higher today

As we approach the market close the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is trading 0.8% lower at 5,374 points, bringing its weekly decline to a disappointing 2.6%.

Despite the fact that almost every sector was in the red today, a number of shares have defied the market and climbed higher. Here’s four:

Alumina Limited (ASX: AWC) shares have jumped higher by 6% to $1.38 after the aluminium miner announced to the market that it had settled its dispute with US-based mining giant Alcoa over their Australian joint venture. Furthermore, it advised of changes to the joint venture that it believes will enhance value for both companies and their respective shareholders.

Money3 Corporation Limited (ASX: MNY) shares are up 5% to $1.60 despite no news out of the company today. It would appear as though the small loan company has caught the eye of investors after reporting a 54% increase in full year net profit at the start of the week. Thanks to its shift of focus to auto lending, I believe Money3 is one of the best small cap investments on the market at the moment.

Resolute Mining Limited (ASX: RSG) shares have rebounded from recent heavy declines with a strong 5% jump to $1.86 today. Resolute Mining was one of a number of gold miners surging higher today despite the gold price offering little by way of gains itself. Investors may be predicting a poor reading on tonight’s US non-farm payrolls release. A poor reading would almost certainly rule out a rate rise in the United States in September, which could cause the gold price to rally.

Slater & Gordon Limited (ASX: SGH) shares have rocketed higher by a massive 13% to 41.5 cents despite no positive news coming out of the embattled law firm. In fact, the company was just removed from the S&P/ASX 300 (Index: ^AXKO) (ASX: XKO), which you might expect would have had a negative effect on its performance today. In my opinion Slater & Gordon’s shares are firmly in the hands of short-term traders right now and are likely to remain incredibly volatile for some time to come.

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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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