Why these 4 ASX shares stormed higher today

Unfortunately it’s looking likely to be another day in the red for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In early afternoon trade the benchmark index is lower by almost 0.2% to 5,219 points.

But despite this there have been four shares in particular going against the grain and storming higher. Here’s why:

iSelect Ltd (ASX: ISU) shares are up 3% to $1.73 despite no news out of the online product comparison company. I’m a fan of iSelect and was very impressed with its recent full year results. With its existing businesses delivering strong growth and more products being launched soon, I feel confident that the company will deliver on the higher end of its EBIT growth forecast of between 24% to 42% in FY 2017.

OZ Minerals Limited (ASX: OZL) shares have jumped over 5% to $5.96 following the announcement that drilling for copper and other base metals has commenced in two highly endowed geological provinces. The two sites are the Olympic Dam domain in South Australia and around Cloncurry in Queensland. As well as this it is likely that a 2.5% spike in copper prices yesterday has given its shares a lift.

Saracen Mineral Holdings Limited (ASX: SAR) shares are up over 6% to $1.49 today. Despite the gold price remaining reasonably stable the majority of Australia’s gold producers have climbed higher today. Saracen has been the best performer of the lot and stretched its year to date return to a whopping 143%. Whilst it has been a good day today, I expect there will be a bumpy ride ahead for shareholders in the run up to next week’s Federal Reserve interest rate decision.

Reject Shop Ltd (ASX: TRS) shares have rocketed higher by almost 8% to $10.88 after being upgraded to an overweight rating with a $12.80 price target by analysts at Morgan Stanley. Its analysts felt the struggling retailer’s shares were oversold after the sharp post-earnings sell off. Whilst I would agree that its shares did look a little oversold, I am quite bearish on its future considering the rise of ALDI and the supermarket price wars. As a result it’s not one I would choose to invest in personally.

Finally, if you missed out on gains today don't worry. These three fantastic shares could be poised to bolt higher in the next few months if you ask me.

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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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