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Why these 4 ASX shares posted strong gains today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) looks set to follow international markets lower on Thursday. In afternoon trade the index is down 0.2% to 6,062 points.

Four shares that have not let that hold them back are listed below. Here’s why they have climbed higher:

The BlueScope Steel Limited (ASX: BSL) share price is up 5% to $15.18 after the steel producer upgraded its full-year earnings guidance following the recent U.S. tax reform. For the six months ended December 31 the company expects underlying EBIT to be $460 million compared to previous guidance of $420 million.

The Retail Food Group Limited (ASX: RFG) share price has rocketed 25.5% to $2.04. I suspect that today’s gain is related to short covering. As one of the most shorted shares on the market, it was always likely to get a big lift when short sellers decided to close positions.

The SKY and Space Global Ltd (ASX: SAS) share price has jumped 25% to 20 cents after announcing a US$30 million deal with mobile payments start-up BeepTool. The deal will see BeepTool leverage Sky and Space Global’s network to build innovative messaging and payment solutions that help connect the unconnected throughout key African markets.

The Titomic Ltd (ASX: TTT) share price is up 14% to $1.08 after announcing a collaborative agreement with a major multinational bicycle company. The two parties will work together to develop a high performance titanium bicycle concept. I think Titomic is an exciting company and worth a closer look.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Retail Food 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.

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