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Why these 4 ASX shares have started the week with solid gains

It has been a disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade almost all sectors are in the red, dragging the benchmark index down 1% to 5,665 points.

Four shares which have managed to defy the market and start the week with solid gains are listed below. Here’s why they are higher:

The Iluka Resources Limited (ASX: ILU) share price is up 3% to $9.26 following the release of a positive quarterly update. According to the release, Iluka delivered a 36% year-on-year increase in production during the quarter. This led to a 48.8% lift in quarterly mineral sands revenue. Its shares are now up an impressive 27% year-to-date.

The Rhipe Ltd (ASX: RHP) share price has rocketed almost 18% to 66 cents after the subscription software wholesaler advised that a strong second-half means it expects to meet its $4 million reported EBITDA target for FY 2017. Furthermore, the company expects to finish the year with a cash balance of $19.8 million, ahead of expectations.

The Somnomed Limited (ASX: SOM) share price has jumped 7% to $3.05 after the sleep treatment company released its fourth-quarter update. A strong final quarter in the United States led to SomnoMed delivering unaudited quarterly group revenues of $49.3million for the year. This is a 12% increase on FY 2016. If the company can carry this momentum over to FY 2018, I think it could be worth considering as an investment.

The Wellard Ltd (ASX: WLD) share price has climbed 4% to 13.5 cents, despite there being no news out of cattle exporter. But with its shares falling 27% in the last five trading sessions, I think today’s gain is likely to be attributable to bargain hunters swooping in. Whilst its shares do look dirt cheap, I would suggest investors give the company a wide berth until its performance improves.

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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.