Why these 4 ASX shares have climbed higher today

Unfortunately the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back the majority of yesterday’s gains and in afternoon trade is lower by 1.2% to 5,763 points.

Four shares which have managed to defy the market and climb higher today are listed below. Here’s why they have made strong gains:

The Bellamy’s Australia Ltd (ASX: BAL) share price has jumped 7% to $6.17 today. The infant formula company’s shares had been in a trading halt whilst it’s raised funds to acquire a CNCA-licensed powder products blending and canning line in Victoria. So far the company has raised $14.3 million from institutional investors at $4.75 per share. Bellamy’s expects to raise approximately $60.4 million in total. The market appears to like what it sees.

The Somnomed Limited (ASX: SOM) share price is up almost 5% to $3.25. Today’s gain will no doubt be a welcome relief to shareholders. Prior to today the sleep treatment specialist’s shares had lost over 20% of their value year-to-date. Whilst I like the company, it wouldn’t be my first pick in the industry.

The Super Retail Group Ltd (ASX: SUL) share price is up 3.5% to $8.04 despite there being no news out of the company. A good number of beaten down retail shares are posting gains today. It appears as though some investors believe these shares may have fallen into bargain territory now. Here’s why Super Retail could be worth taking a look at.

The Zelda Therapeutics Ltd (ASX: ZLD) share price is up almost 10% to 8.1 cents. This morning the medicinal cannabis company announced that it has signed a strategic manufacturing and distribution agreement with Chile-based Knop Laboratorios. Management believes the agreement will form an important part of Zelda’s Chilean activities. Pleasingly, it also gives Zelda direct access to Knop’s pharmacy chain in Chile.

Although I think Zelda has enormous potential, I'm going to continue to watch on keenly from the sidelines. In the meantime I'll be considering an investment in one of these explosive growth shares.

Top 3 ASX Blue Chips To Buy In 2017

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool's in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool's Top 3 Blue Chip Stocks for 2017."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand - and how quickly the share prices of these companies moves - we may be forced to remove this report.

Click here to claim your free report.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Super Retail Group Limited. 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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.