Why these 4 ASX shares have stormed higher today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) hasn’t been able to build on yesterday’s solid gain but still remains above the 6,000 points mark. At the time of writing the benchmark index is down slightly at 6,013 points.

Four shares climbing notably higher today are listed below. Here’s what sent them higher:

The Commonwealth Bank of Australia (ASX: CBA) share price is up 2% to $79.88 following the release of its first-quarter update. Commonwealth Bank reported unaudited cash earnings of approximately $2,650 million during the quarter. This was a solid 6% increase on the quarterly average of the previous two quarters. The bank finished the quarter with a CET1 ratio of 10.1%, up 55 basis points since the June quarter.

The Digitalx Ltd (ASX: DCC) share price has risen 22.5% to 24.5 cents after the blockchain technology company provided a market update which revealed that its investment in Bitcoins has been paying off. The company opted to be paid in Bitcoin for recent work when the price was at A$5,782. Bitcoin is now fetching around US$7,500 per coin. Whilst this is great, I’m not sure it justifies the $100 million market valuation.

The Pilbara Minerals Ltd (ASX: PLS) share price has continued its strong run and is up almost 5% to 93.2 cents. Although there was no news out of the lithium miner today, its gain is likely to be the result of positive investor sentiment around the lithium carbonate price and the companies that mine it. A good portion of Australia’s lithium miners have reached all-time highs in recent weeks.

The Virgin Australia Holdings Ltd (ASX: VAH) share price has jumped 10% to 21.5 cents following the release of a trading update at its annual general meeting. Management advised that due to current market conditions and its improved revenue performance since April 2017, it expects the underlying performance for the second and third quarter of FY 2018 to be a big improvement on the prior corresponding period.

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Motley Fool contributor James Mickleboro has no position in any of the 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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