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Here’s why these 4 ASX shares have surged higher today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make it three days of declines in a row. In afternoon trade the benchmark index is down 0.5% to 5,807 points.

Not all shares have sunk lower today though. Four shares in particular have stood out with strong gains. Here’s why they have jumped higher:

The Brambles Limited (ASX: BXB) share price is up 6% to $10.19 after the supply-chain logistics company released its third-quarter update. Brambles reported better-than-expected sales revenue from continuing operations of US$4,091.0 million for the first nine months of the financial year. This is a 5% increase on the prior corresponding period in constant currency terms.

The Fortescue Metals Group Limited (ASX: FMG) share price has climbed 3.5% to $5.27 despite the iron ore price sliding lower again overnight. According to Metal Bulletin the spot price for the benchmark 62% fines fell 4.6% to US$63.20 a tonne. This has extended iron ore’s decline from its February high of US$94.86 a tonne to over 33%.

The TPG Telecom Ltd (ASX: TPM) share price has bounced back from yesterday’s sharp decline with a 4.5% gain to $5.75. A research note out of UBS may have been the catalyst for today’s jump. Its analysts upgraded the telco company to a buy rating with a $6.70 price target. I would have to agree with UBS on this one, TPG Telecom strikes me as a bargain at the current share price.

The Zelda Therapeutics Ltd (ASX: ZLD) share price has climbed 4% to 12.5 cents after the pot stock announced that it is extending its clinical trial in Chile. As well as insomnia and eczema, the company’s clinical trial will now include autism. Management expects the clinical trial to commence in the second half of the year. If successful the company could be generating revenue in South America as soon as 2018.

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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.