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Why these 4 ASX shares have SMASHED the market today

In early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and is flat at 5,856 points.

This hasn’t stopped four shares in particular from making strong gains today. Here’s why these four shares have jumped higher:

The Bellamy’s Australia Ltd (ASX: BAL) share price has jumped higher for a third day in a row, this time by 4% to $4.65. The embattled infant formula manufacturer has now seen its share price rise by over 11% this week. It appears as though some investors are optimistic that the company will not be impacted greatly by the loss of its spot on Bega’s Derrimut canning line.

The BHP Billiton Limited (ASX: BHP) share price has climbed 2.5% to $24.50. Many of Australia’s leading miners have managed to climb higher today despite the spot iron ore price dropping to a multi-month low of below US$80 a tonne during trade yesterday. A small rise in oil prices may also have contributed to today’s gain.

The Vita Group Limited (ASX: VTG) share price has bounced back from yesterday’s sharp drop with a 14% gain to $2.90. Yesterday its shares plunged after the Fairfax press got hold of an internal Telstra Corporation Ltd (ASX: TLS) document that alleged that the telco giant is considering taking back high performing stores from its licensees. Telstra has denied that it has plans currently to do so.

The Zelda Therapeutics Ltd (ASX: ZLD) share price is up 15% to 10.5 cents. Today’s gain means the pot stock has now jumped well over 200% in the last month. Whilst I like Zelda and think it could one day make inroads into the lucrative insomnia and eczema treatment markets, there certainly is a lot of growth built into its share price at present.

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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.