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Why these 5 ASX shares have rocketed higher today

Unfortunately the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) doesn’t look likely to make it five days of gains in a row. In afternoon trade the index is lower by over 0.3% to 5,623 points ahead of the early finish.

Five shares which have been going against the grain and climbing higher today are as follows:

Amaysim Australia Ltd (ASX: AYS) shares have climbed 4.5% to $1.95 despite there being no news out of the growing telco company. Despite today’s jump, Amaysim’s shares are still down 15% year to date. This means they are changing hands at 24x trailing earnings. Although that isn’t necessarily cheap, it could prove to be a bargain if the company’s proposed broadband service wins a decent share of the market.

Liquefied Natural Gas Ltd (ASX: LNG) shares are up 3.5% to 66.2 cents after the company announced its wholly owned subsidiary Bear Paw Pipeline Corporation had received its environmental assessment approval from Nova Scotia Environment for its natural gas pipeline. A further announcement reveals that one of its directors has been buying shares on market. A real vote of confidence for the company in my opinion.

Mesoblast limited (ASX: MSB) shares have jumped 3.5% to $1.45 after it announced that it has entered into an equity purchase agreement with Mallinckrodt Pharmaceuticals. The agreement will see Mallinckrodt purchase 20 million Mesoblast shares at a price of $1.4761 per share in exchange for an exclusive commercial and development partnership for two of Mesoblast’s Tier 1 product candidates.

Shine Corporate Ltd (ASX: SHJ) shares have rebounded strongly from recent declines with an almost 6% jump to 73.5 cents. Rival law firm Slater & Gordon Limited (ASX: SGH) has also climbed 4% today despite there being no news out of either company. Although the prospect of a successful turnaround might be appealing for investors, I would urge them to stay clear of both law firms.

5 stocks under $5

We hear it over and over from investors, "I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" And it's true.

And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!

*Extreme Opportunities returns as of June 5th 2020

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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