Here’s why these 4 ASX shares are soaring today

In early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from its early declines and is currently higher by just under 0.1% to 5,438 points. Gains are being seen across most sectors with only the materials sector posting a notable decline today.

Four shares which have been finishing the week strongly and posting sizeable gains today are as follows:

Class Ltd (ASX: CL1) shares have bounced back from recent declines with a 6% jump to $3.42 today despite no news out of the company. Last week the self-managed super fund software provider delivered another quarter of growth when it added a further 12,030 billable portfolios onto its platform. This took the total number of billable portfolios to an impressive 124,471, meaning the company’s market share has grown to 20.9%. I expect the recent declines can be attributable to profit taking. After all, its share price has more than doubled in value up until last week.

Fantastic Holdings Limited (ASX: FAN) shares have rocketed up by 40% to $3.44 after the furniture retailer announced that it has agreed to a takeover deal with Steinhoff Asia Pacific Holdings. The deal values the company at $361 million, with $3.50 in cash per share being offered by Steinhoff. The Fantastic board has unanimously recommended shareholders vote in favour of the offer. Although it will need ACCC approval, the deal does look to be a formality.

Qantas Airways Limited (ASX: QAN) shares have jumped 3% to $3.25 following the release of a research note by Ord Minnett. The note revealed that the leading broker’s analysts have placed a buy rating on Australia’s flag carrier airline with a $4.75 price target. As I said earlier today, I feel Qantas represents a great investment at the current price. Just as long as oil prices remain at their current levels or lower.

Select Harvests Limited (ASX: SHV) shares have surged higher by 4% to $6.40 despite no news out of the almond producer. According to the Blue Diamond Almonds industry update the California almond industry shipped a record 201.6 million pounds in September. Demand for almonds has been strong this year, with year to date shipments up 38% on last year. Great news for the company and with its shares down 38% in the last 12 months, shareholders may be about to see their shares retrace some of these declines.

Finally, if you missed out on gains today then I would recommend taking a look at these fast-growing shares. They could be just what your portfolio needs to take it higher.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Class Limited. 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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