Why these 4 shares are soaring on the ASX today

It has been a lacklustre start to the week for local investors with the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) trading flat at 5,360 points.

The healthcare and consumer staples sectors have been the biggest drags on the market today, although this has been partly offset by good performances from the energy and gold sectors.

Four shares that are enjoying a particularly solid day, include:

Platinum Asset Management Limited (ASX: PTM)

Shares of Platinum have rebounded more than 7.1% today, following two days of heavy selling. It comes on the back of an update provided at last week’s AGM that suggested current year profits will be significantly lower than last year if recent fund outflows persist and equity markets remain flat. Despite this, Platinum has moved to re-assure investors and noted that the recent negative trends are not unusual in the short term. It thinks these are likely to reverse over longer time periods.

Baby Bunting Group Ltd (ASX: BBN)

Shares of Baby Bunting have climbed more than 5% today after the specialty retailer provided an upbeat trading update at its AGM. After delivering exceptionally strong same-store-sales growth last year the company has once again enjoyed a strong start to the new financial year with comparable sales growth of 10%. Investors would also be pleased that FY17 EBITDA guidance of between $21.5 million and $24.5 million was re-affirmed.

Myer Holdings Ltd (ASX: MYR)

After enjoying a rare double-digit gain last Friday, shares of Myer are enjoying another solid day today with a gain of more than 2.5%. Although the company’s latest trading update was better-than-expected, I suspect most of the recent gains can be attributed to short sellers starting to cover their positions. Prior to Friday’s update, more than 17% of the shares were short sold, making it the most shorted share on the ASX.

TPG Telecom Ltd (ASX: TPM)

Shares of TPG have climbed more than 3.1% today, despite the absence of any news from the company. It appears bargain hunters are finally stepping up to the plate today after weeks of relentless selling that saw the shares lose around 40% of their value. It comes after the telco disappointed investors when it provided a weaker-than-expected FY17 profit outlook in September.

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Motley Fool contributor Christopher Georges owns shares of Platinum Investment Management Limited and TPG Telecom Limited. 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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