Here’s why these 4 ASX shares are storming higher today

It has been a day of ups and downs for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) so far. The index bounced in and out of positive territory all morning, but at lunch appears to be finding support. Currently the index is higher by almost 0.5% to 5,414 points.

Although the index has been going up and down, the four shares listed below have only been going up. Here’s why they’re posting strong gains today:

Challenger Ltd (ASX: CGF) shares are up 7% to $10.70 after the release of a positive quarterly update. Following another strong performance, Australia’s largest provider of annuities reported a 46% jump in annuity sales over the prior corresponding period. For the second quarter in a row annuities sales were in excess of $1 billion. Management appears confident that the company is positioned perfectly for growth and the market appears to agree judging by its share price movement today.

Nearmap Ltd (ASX: NEA) shares have rocketed higher by 16% to 82.2 cents. The first quarter of FY 2017 has evidently been very successful, with the fast-growing aerial imaging provider revealing a 39% increase in group revenue to $9.2 million. Pleasingly US revenues rose 50% during the quarterly, albeit from a smaller base. Overall a very positive result and I look forward to its next update at its Annual General Meeting on 17 November 2016.

OceanaGold Corporation (ASX: OGC) shares have surged higher by 7% to $3.90 after the gold miner advised that Philippine government officials had been in touch regarding their concerns over its Didipio mine which has been threatened with closure. CEO Mick Wilkes advised that he is very confident that the company’s response will fully satisfy their concerns. As Didipio is the company’s bread-winner, its closure would be a disaster. So this is undoubtedly a very positive development.

Pilbara Minerals Ltd (ASX: PLS) shares have jumped over 8% to 44 cents after the lithium producer advised that its application to the Supreme Court of Western Australia for a stay of the court proceedings commenced by Mineral Resources Limited (ASX: MIN) was successful. The two miners have been battling it out over the interpretation of an agreement that gives Mineral Resources a right of first refusal over lithium sales from the Pilgangoora project. An independent expert has been appointed to resolve the dispute.

If you missed out on gains today don't worry. These fast-growing ASX shares could be next in line to jump 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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