Why these 4 ASX shares stormed higher today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down a disappointing 0.25% to 6,062 points due largely to declines in the resources sector.

Four shares which haven’t let that hold them back are listed below. Here’s why they have stormed higher today;

The Afterpay Touch Group Ltd (ASX: APT) share price is up 8.5% to $7.07 after providing a business update. According to the release, underlying sales grew exceptionally strong in the second quarter. This means the payment solutions company expects to report half-year EBTDA of between $11 million and $12 million. Management also revealed it is looking into a U.S. expansion.

The Bellamy’s Australia Ltd (ASX: BAL) share price is up a massive 22% to $13.43. Last night the infant formula company released a trading update which revealed another upgrade to its guidance. Furthermore, management advised that it submitted its CFDA accreditation application before the end of last year as planned. Once this is granted it will allow the company to sell its products in the Chinese market.

The Breville Group Ltd (ASX: BRG) share price has climbed almost 3.5% to $12.60. This move higher appears to be related to a broker note out of UBS this morning. Although the broker maintained its neutral rating, it lifted its price target on the appliance manufacturer to $11.95. The broker believes that Breville will benefit from US tax cuts.

The Smartgroup Corporation Ltd (ASX: SIQ) share price is up 3.5% to $11.83. Like Breville, today’s climb higher appears to be the result of a positive broker note. Credit Suisse may have kept its shares on a neutral rating, but it raised the price target on them all the way from $8.00 to $11.60. The broker believes it has the potential to outperform expectations over the next 12 months, but is fair value given the risks.

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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 AFTERPAY T FPO. 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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