Here’s why these 4 ASX shares rocketed higher today

The S&P/ASX 200 (Index:^AXJO) (ASX:XJO) may be lower, but that hasn’t stopped Galaxy Resources Limited (ASX:GXY) are three other shares from bolting higher.

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The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) looks like it is going to end the week on a negative note, down 0.5% to 5,445 points as we approach the close.

But four shares in particular haven’t let that hold them back today. Each has pushed higher with strong gains, ensuring their respective shareholders start the weekend with a smile.

ASG Group Limited (ASX: ASZ) shares have rocketed higher by 16.5% to $1.59 following a takeover offer from Tokyo-based Nomura Research Institute. Nomura has offered to acquire ASG for $1.63 cash per share, valuing the company at approximately $349 million. The company’s independent board committee has unanimously recommended that shareholders vote in favour of the offer at its planned meeting in December.

Galaxy Resources Limited (ASX: GXY) shares have surged 7% higher to 32.2 cents. The lithium miner’s shares have come under heavy selling pressure in the last month and are down over 17% even after today’s gains. Although many investors are concerned that the lithium boom is going to end in a bust, others clearly are a little more bullish on the metal.

Nearmap Ltd (ASX: NEA) shares have jumped 6% to 62 cents despite there being no news out of the aerial imaging company. The volume of Nearmap shares which have been traded has been far higher than normal in the last few days, driving its share price higher. Considering its explosive growth prospects this doesn’t come as a surprise.

OceanaGold Corporation (ASX: OGC) has climbed 3% to $4.11. This week the gold producer dropped 19% when its Didipio mine was named as one of 20 that have been threatened with closure by the Philippine government. Management revealed on its conference call that the closure threat stems from a single complaint from a local resident that found cracks in their wall. Management believes these cracks were from faulty construction and nothing to do with its mining operation. Investors appear to be betting that the mine will stay open and the share price will rebound.

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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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