Why these 4 ASX shares have stormed higher today

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from four consecutive trading days of declines and is up 1.2% to 5,963 points in afternoon trade.

Four shares climbing more than most today are listed below. Here’s why they have stormed higher:

The Avz Minerals Ltd (ASX: AVZ) share price has climbed 4.5% to 24 cents following the release of an update on the drilling activities at its Manono lithium project in the Democratic Republic of the Congo. According to the release, the latest drill hole has intersected 282.95 metres of pegmatite, containing a similar proportion of spodumene reported from two previous drill holes. This appears to back up predictions that AVZ Minerals is sitting on a lucrative asset.

The Qantas Airways Limited (ASX: QAN) share price has ascended 4.5% to $5.86 despite there being no news out of the company or broker notes that I’m aware of. Last month, however, there were plenty of bullish broker notes following the release of its strong half-year results. One that stood out for me was from Citi. Its analysts labelled Australia’s flag carrier airline as a buy and placed a $7.50 price target on its shares. I would agree with Citi on this recommendation.

The Vocus Group Ltd (ASX: VOC) share price has pushed almost 6% higher to $2.39. This morning the telco company announced the appointment of Bob Mansfield AO as its chairman with immediate effect. Mr Mansfield has previously been the company’s deputy chairman and lead independent director. The market appears pleased with this decision and rightly so. He previously served as chairman of Telstra Corporation Ltd (ASX: TLS) and was the founding CEO of Optus.

The Xero Limited (ASX: XRO) share price has bounced back from yesterday’s decline with a 3% gain to $31.81. The accounting software company’s shares were sold off yesterday after the surprise departure of Rod Drury as its CEO. Xero’s shares have regained around half of yesterday’s decline.

Looking for the next shares to storm higher? Then don't miss out on these star stocks.

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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 Telstra Limited and Vocus Communications Limited. The Motley Fool Australia owns shares of Xero. 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 Scott Phillips.

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