Why these 6 ASX shares have stormed higher today

Credit: Lucas Walters

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday’s disappointing decline and at lunch is higher by almost 0.4% to 5,781 points thanks largely to gains from the resources sector.

Six shares which have made notable gains today are shown below. Here’s why they’ve stormed higher:

BHP Billiton Limited (ASX: BHP) shares have jumped almost 3.5% to $26.20 thanks to a jump in base metal prices overnight. According to CommSec the copper price rose 3% to US$5,736 a tonne on the London Metal Exchange after data revealed that Chinese producer prices surged 5.5% year on year. The iron ore price was also up 3% to US$80.10 a tonne.

Freelancer Ltd (ASX: FLN) shares have surged higher by 6% to $1.14. Today’s gain means that the operator of the world’s largest freelance and crowdsourcing marketplace has seen its share price rally a massive 14% so far this month, despite there being no news out of it. With its full year results due at the end of the month, it would appear as though some investors expect Freelancer to deliver a strong result.

Perseus Mining Limited (ASX: PRU) shares have risen 5% to 40 cents. Most of Australia’s leading gold miners have risen today thanks largely to the gold price edging higher. Currently the spot gold price fetches US$1,187 an ounce, which is the highest level it has traded at since early in December. Metals X Limited (ASX: MLX) and Resolute Mining Limited (ASX: RSG) were the other standouts in the industry today.

Sirtex Medical Limited (ASX: SRX) shares have jumped over 4% to $15.76. The liver cancer treatment company’s shares have bounced around this week following its dose sales update on Monday. That update revealed year-on-year dose sales growth of 5.6% for the first half of FY 2017. Although this hit the high end of its revised guidance for growth between 4% and 6%, it still falls well short of previous guidance of double-digit growth given in October.

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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.

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