Here’s why these 4 ASX shares have rocketed higher today

It looks like another day in the red for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index has dropped lower by a disappointing 0.9% to 5,426 points.

Despite the index dropping lower a number of shares are still managing to put on strong gains. Here’s why these four shares are climbing higher today:

Blackmores Limited (ASX: BKL) shares are up almost 4% to $119.15 today despite there being no news out of the health supplements manufacturer. Its shares have dropped around 27% since the middle of August due to concerns over its first quarter performance. I’m optimistic that the first quarter result will be stronger-than-expected, driving the share price higher. As Blackmores traditionally provides its first quarter update at the end of October, we won’t have to wait long to find out.

Praemium Ltd (ASX: PPS) shares have jumped 7% to 52.5 cents a day after reporting record inflows of $494 million for the September 2016 quarter. I must admit to being very impressed with the performance of this leading global provider of investment administration, separately managed accounts, and financial planning technology platforms. It appears as though I wasn’t alone either. This morning a note from Baillieu Holst revealed that the broker has reiterated its buy rating and placed a 60 cents price target on its shares.

Vocus Communications Limited (ASX: VOC) shares have bounced back from yesterday’s decline and are up 4% to $5.72. The growing telco’s shares dropped sharply yesterday following more boardroom drama. Board members James Spenceley and Tony Grist departed following a difference of opinion. At the current price the shares do look to be great value for investors that are willing to be patient.

Viralytics Ltd. (ASX: VLA) shares have continued climbing higher, this time they rocketed higher by over 20% to $1.35, before dropping back off slightly. On Monday the biotech company provided a positive update to the market on the use of its CAVATAK product in the treatment of both melanoma and non-muscle invasive bladder cancer. Since then its shares have climbed a massive 36%. Although it is early days for CAVATAK, I think Viralytics is definitely worth keeping a close eye on.

If you missed out on gains today don't worry. These rapidly growing shares could be next in line to bolt higher 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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