The Motley Fool

Why these 4 ASX shares are soaring today

Following the lead from international markets, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has rallied higher today and after lunch is up 1.1% to 5,413 points.

Four shares in particular have been performing strongly today. Here’s why they have rocketed higher:

a2 Milk Company Ltd (Australia) (ASX: A2M) shares are up 6% to $2.09 after the dairy company provided the market with a trading update at its AGM. For the July to October period a2 Milk reported staggering profit before tax growth of 536% to NZ$35 million. Any fears over slowing growth in China can be dismissed. During the period the company experienced incredible demand for its products in the country.

Billabong International Limited (ASX: BBG) shares are higher by 9% to $1.18. At its AGM today the surfwear retailer advised that although it has had a soft start to the year, it still expects EBITDA before significant items to be in the range of $60 million to $65 million. If it delivers on its promise, it will be an improvement of between 4.3% and 13% on last year’s result.

IDT Australia Limited (ASX: IDT) shares have jumped over 8% to 20 cents after it announced that growing pharmaceutical company Mayne Pharma Group Ltd (ASX: MYX) has launched IDT’s generic temozolomide capsules into the U.S. market. The drug is used for the treatment of adult patients with newly diagnosed cancerous brain tumors concomitantly with radiotherapy and thereafter as a maintenance treatment. The market is estimated to be worth up to US$150 million per year at present.

Technology One Limited (ASX: TNE) shares are up 9% to $5.78 following the release of its preliminary final results. For the year ended 30 September 2016 the company reported a 14% jump in sales to $249 million and a 16% increase in net profit to $41.3 million. Technology One’s software-as-a-service business was a key driver of growth in increasing segment sales by over 100% for the second year in a row. But at 44x full year earnings it might be getting a little expensive now in my opinion.

Finally, if you missed out on gains today don't worry. Here's where the smart money is being invested. Don't miss out on those gains.

Why These 3 Blue Chip Shares Are Set to Soar for Smart Investors

Discover The Motley Fool's Top 3 blue chips for Smart Investors. These 3 'new breed' shares pay fully franked dividends AND offer the prospect of significant capital appreciation. Simply click here to gain access to this comprehensive FREE investment report.

No credit card required!

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. 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.

NEW. Five Cheap and Good Stocks to Buy in 2019…

Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading near a 52-week low all while offering a 2.8% fully franked yield…

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.