Here’s why these 4 ASX shares are soaring today

It’s been a great day for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). The index is higher by almost 1% to 5.390 points today following the US Federal Reserve’s decision to keep interest rates on hold for now.

Four shares which have been having especially positive days are as follows:

Aconex Ltd (ASX: ACX) shares have jumped 6% to $6.54 despite a recent bout of insider selling concerning investors. I’m a big fan of Aconex and believe that its shares were in the bargain bin after steep falls in the last month. Considering how popular its software is and how efficient it makes the construction process, I expect it has a bright future ahead of it.

Fortescue Metals Group Limited (ASX: FMG) shares are higher by over 5% to $5.15 following an increase in the iron ore price overnight. According to The Metal Bulletin the benchmark 62% fines price climbed to $55.87 a tonne. At the current level I believe Fortescue Metals is well positioned for bumper profits and further debt repayments. But how long the price stays at this level is anybody’s guess unfortunately.

Newcrest Mining Limited (ASX: NCM) was one of the best performing gold miners today with a 7% rise to $22.90. The gold price has climbed to US$1,332 an ounce following the Federal Reserve’s decision to keep interest rates on hold, which triggered rampant buying of Australia’s gold miners. But with the Fed looking likely to raise rates in December, I don’t believe it will be long before we see the gold price retreat.

TPG Telecom Ltd (ASX: TPM) shares have jumped 4% to $8.98. Today’s gain is likely to be attributable to a research note out of Morgan Stanley that rates the telco giant’s shares as overweight with a $10.75 price target. Even after factoring in slower EBITDA growth and lower-than-expected retail broadband margins, its analysts believe TPG Telecom has strong growth prospects. I’d completely agree with this view and believe it’s a great time to invest.

Missed out on gains today? Don't worry. These three growth shares could be next in line to soar in the next few months. They're definitely worth taking a closer look at today in my opinion.

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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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