Why these 4 ASX shares jumped higher today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has sunk lower for a second day in a row. At the time of writing the index is down a disappointing 0.5% to 6,063 points.

Four shares that have defied the market today are listed below. Here’s why they jumped higher:

The Adairs Ltd (ASX: ADH) share price has climbed 8% to $2.27 thanks partly to the release of a positive broker note out of Goldman Sachs. The broker appears to have been impressed with the company’s recent trading update and accompanying full-year guidance increase. However, it is worth noting that its price target of $2.25 has now been breached.

The JB Hi-Fi Limited (ASX: JBH) share price is up almost 5% to $28.09 after being upgraded to an overweight rating by analysts at Morgan Stanley. The broker has added the retailer into its model portfolio and slapped a $32.00 price target on its shares due to its potential to surprise to the upside following a better than feared Christmas trading period.

The Nearmap Ltd (ASX: NEA) share price has climbed 7% to 70.2 cents following the release of its half-year update. According to the release, group annualised contract value grew 31% to $54.2 million. The aerial imagery company did, however, burn through a significant amount of cash during the half. If it continues to burn through its cash the same way over the next 12 months, it may have to tap the market for more.

The Super Retail Group Ltd (ASX: SUL) share price is 3.5% higher to $8.76. Today’s gain is likely to be down to strong retail sales data released by the Australian Bureau of Statistics this morning. According to the data, Australian retail sales increased 1.2% month-on-month in November. The iPhone X release is believed to have been a catalyst for this increase.

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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 Nearmap Ltd. 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.

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