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Why these 4 ASX shares are skyrocketing today

It’s been a disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). With almost all sectors in the red today, the benchmark index is down 0.8% to 5,329 points in afternoon trade.

But four shares which have been going against the grain and putting strong gains on for their respective shareholders are as follows:

Atlas Iron Limited (ASX: AGO) shares have jumped 13% to 2.5 cents following yet another rise in the iron ore price. Overnight iron ore rose 7% to an 18-month high of US$79 a tonne according to The Metal Bulletin. Although President-elect Donald Trump’s infrastructure plans could drive long-term demand for iron ore nothing is set in stone at this stage. The price of iron ore could face a sharp and sudden decline in the next few months.

Central Petroleum Limited (ASX: CTP) shares have rocketed higher by 33% to 18 cents after it emerged that the oil and gas company had received a takeover approach from shareholder and principal financier Macquarie Group Ltd (ASX: MQG). The offer of 17.5 cents per share was deemed not to be in the best interest of shareholders by Central’s directors.

Mesoblast limited (ASX: MSB) shares are up almost 5% to $1.23 following a positive update regarding the trial of its drug to treat acute versus graft host disease in children. As positive as the update might sound, the regenerative medicine company’s cash burn certainly doesn’t appear to make it investable at this stage.

Wellard Ltd (ASX: WLD) shares are higher by 9% to 24 cents despite there being no news out of the agribusiness company. Last week it was revealed that the company and major shareholder Butt Nominees had locked horns over its share price performance, director remuneration, and board representation. The two parties won’t have long to wait until they come face to face, with the company’s AGM scheduled for November 29.

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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.