Why these 4 ASX shares posted strong gains today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from a weak start and is now up a solid 0.2% to 5,890 points in afternoon trade.

Four shares that have climbed more than most today are listed below. Here’s why they have posted strong gains:

The AMP Limited (ASX: AMP) share price is up 3.5% to $5.21 after the financial services company reported its half-year result. According to the release, underlying group profit increased 114% on the prior corresponding period to $1.04 billion. The main driver of this growth was the return to profit of its Australian wealth protection business. This managed to offset a 2.5% decline in profit from its Australian wealth management business.

The Carnegie Clean Energy Ltd (ASX: CCE) share price has climbed 11% to 4 cents. This morning the clean energy company advised that its subsidiary’s joint venture with Lendlease Group (ASX: LLC) has been awarded a $6.8 million contract for the supply, delivery and installation of a 5MW Battery Energy Storage System facility located in Kalbarri for Western Power.

The National Australia Bank Ltd (ASX: NAB) share price is up 2.5% to $28.94 after the banking giant released its quarterly update. That release revealed that NAB’s December quarterly cash earnings improved 3% over the prior corresponding period to $1.65 billion as revenue increased by 1%. Whilst I felt this was a reasonably unspectacular result from the bank, I think its shares are quite attractive at the current share price.

The SG Fleet Group Ltd (ASX: SGF) share price has jumped almost 8% to $4.30 despite there being no news out of the fleet management company. Investors appear to believe that its shares have fallen into bargain territory after they fell over 10% from their January high. They could be onto something, Citi slapped a buy rating and $4.85 price target on its shares in December.

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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 National Australia Bank 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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