5 shares zooming higher on the ASX today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has recovered from earlier falls, although it is still down 0.3%.

While we don’t consider short-term price movements to be important, in some cases they can be because of news affecting the company’s future in some way.

These 5 companies saw their share prices rocket up…

Eden Energy Ltd. (ASX: EDE) jumped 10% to $0.22. The concrete additives company gave an updated on its progress in the US today which included up to 10 trials scheduled before December 2016, its first commercial project for the floor of a warehouse expansion to be completed by early November and expansion of the company’s production capability to a targeted maximum of 2 million to 2.4 million gallons per year is on schedule. Investors were no doubt impressed by the progress.

Karoon Gas Australia Limited (ASX: KAR) gained 11.6% to $1.557 after the oil and gas explorer announced that it was in negotiations with Brazil’s state-owned giant Petrobras to buy its stakes in the Baúna and Tartaruga Verde fields, located in the Santos and Campos basins, respectively. Baúna currently produces around 45,000 barrels and has been operating since 2013. Tartaruga Verde is still in the initial development stage. Shareholders in Karoon may finally see the company earn some oil revenue.

Whitehaven Coal Ltd (ASX: WHC) rose another 6.8% to $2.73. the coal producer’s share price has been on tear so far this year, up 294% as coal prices recovered. Coking coal – mostly used in steelmaking – has seen its price double while steaming coal is up 40% in recent months. The good news for shareholders is that Whitehaven is using its rising cash flows to repay its huge debt pile – $859 million at the end of June.

Catapult Group International Ltd (ASX: CAT) soared 5.9% to $3.58. I’ve been kicking myself since writing about the sports analytics company in January 2015 and not buying shares despite Catapult’s huge potential. Since then the share price has surged a whopping 554%.

The company continues to add new teams around the world buying its software and hardware to track athletes during games and training – with units ordered up 63% in the 2016 financial year.

Slater & Gordon Limited (ASX: SGH) added 5.3% to $0.40, although the share price remains down 10% over the past month. The embattled law firm recently reported that it was seeking to recover some or all of the millions the company wrote off on its purchase of Watchstone Group’s (formerly Quindell) claims management business. Investors may be more positive about the chances of success – but it could be a long process – and could ultimately be unsuccessful.

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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