Why these 4 ASX shares surged higher today

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) looks set for another day in the red. In afternoon trade the index has sunk lower by 0.4% to 5,830 points.

Four shares that have defied the market and climbed higher are listed below. Here’s why they have surged higher:

The Cochlear Limited (ASX: COH) share price has pushed 3% higher to $176.75. Although the implantable hearing device manufacturer disappointed the market with its half-year result yesterday, one broker saw enough promise to upgrade its shares. According to a note out of Citi, its analysts have upgraded Cochlear to a neutral rating from sell and given its shares an increased price target of $175.00.

The Computershare Limited (ASX: CPU) share price is 5.5% higher at $17.40 following the release of its half-year results. The market appears to be pleased with the company’s 12.4% increase in revenue to $1,123 million and 20% increase in management EBITDA to $289.6 million. Key drivers of this growth were its US mortgage services operations and an increase in event activity in the stakeholder relationship management business.

The CSL Limited (ASX: CSL) share price has raced 5.5% higher to $149.83. This morning the biotherapeutics company reported a 35% increase in half-year net profit after tax to US$1.1 billion. The impressive result was driven by strong sales growth across major product lines and a number of new products being approved during the half. I think this demonstrates why CSL is one of the highest quality businesses on the ASX.

The Orora Ltd (ASX: ORA) share price has climbed 3.5% to $3.30 after the packaging company released its half-year results. Orora delivered a 14.8% increase in net profit after tax before significant items to $105.7 million. Management pointed to higher volumes in its Glass and Fibre segments as playing a key role in its strong first-half performance. Whilst I felt this was a strong result, I thought its guidance was a touch soft.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Cochlear Ltd. and Computershare. 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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