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Here’s why these 4 ASX shares jumped higher today

It hasn’t been a great start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In early afternoon trade the benchmark index is lower by 0.4% to 5,411 points.

Although declines are being seen across the board, the consumer discretionary sector has performed notably worse today with a 1.8% decline presently.

Despite the majority of the market pointing lower, four shares in particular have been jumping higher today. Here’s why:

Admedus Ltd (ASX: AHZ) shares are up 43% to 46.5 cents after the healthcare company announced that it has received approval from the U.S. Food and Drug Administration for the launch of its VascuCel product in November. VascuCel is a premium next generation collagen scaffold which is designed for restorative vascular repair. Management believes its qualities will help it gain a significant market share. With the market estimated to be US$500 million per year, it certainly could prove to be a lucrative one for the company.

Baby Bunting Group Ltd (ASX: BBN) shares are up are up almost 5% to $2.73 despite no news out of the company. The shares of the baby products retailer have fallen around 10% in the last month possibly as a result of profit taking after a sharp post-earnings share price rise. This could make it a great time to invest in the company. Although it operates in a reasonably niche market, management believes it still has a large runway for growth ahead of it.

Reject Shop Ltd (ASX: TRS) is another retailer climbing higher today. Reject Shop’s shares are up by 4% to $9.70 despite there being nothing of note out of the company today. With its shares down 36% from their August high and changing hands at 10x full year earnings, it would appear as though some investors think it could be in bargain territory now.

Yancoal Australia Ltd (ASX: YAL) shares have continued their remarkable rise with an 18% jump to 40 cents. In the last five trading sessions alone the shares of this coal miner have risen an astonishing 82%. The catalyst has been the strong rise in coal prices brought about by the Chinese government’s decision to limit production. Demand for coal is expected to increase as the northern hemisphere heads into winter. This could cause coal prices to appreciate further.

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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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