Why these 5 ASX shares are soaring today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued to edge towards 5,500 points today, although trading has been mostly flat. However, the same can’t be said for these businesses which have all generated strong gains thus far…

Ardent Leisure Group (ASX: AAD) jumped 2.9% after it provided a safety audit update for its embattled Dreamworld theme park, as well as the neighbouring WhiteWater World park. It said Workplace Health and Safety QLD (WHSQ) inspectors had finished their inspections after the recent tragedy that happened at Dreamworld and, although it had issued a total of 10 notices, they all concerned procedural matters, paperwork improvements and the safety of staff and maintenance workers. None related to guest safety.

Tatts Group Limited (ASX: TTS) shares soared 10.3% after Tabcorp Holdings Limited (ASX: TAH) confirmed it had acquired roughly 10% of Tatts Group’s shares on issue. The move will help Tabcorp to prevent any other rivals making a play for the business and is “intended to help facilitate the proposed combination of Tabcorp and Tatts and provide shareholders with improved financial outcomes.”

Tabcorp Holdings’ shares also rose as much as 5%, although they are now trading just 1.8% higher.

Boral Limited (ASX: BLD) shares have risen 1.2% today as well, reversing a small portion of yesterday’s shocking loss. The shares plunged more than 17% after the company announced an acquisition worth around $3.5 billion, with investors clearly concerned the company may be overpaying for the United States-based business.

Codan Limited (ASX: CDA) shares surged 14.7% to $1.83, after hitting a new three-year high of $1.92 earlier. Canaccord Genuity increased its price target on the shares by 31% to $2.10 after the company shared its profit guidance. It said it expected underlying net profit after tax for the first half to be between $20 million and $22 million, while sales for the first four months were $74 million, up 76% on the same period last year.

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Motley Fool contributor Ryan Newman 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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