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Why these 4 ASX shares stormed higher today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday’s heavy decline and is up 0.8% to 5,837 points in afternoon trade.

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

The A2 Milk Company Ltd (ASX: A2M) share price is up 5% to $13.08 despite there being no news out of the infant formula and dairy company. Investors appear to be swooping in to take advantage of a recent slide in its share price. While its shares are undeniably expensive right now, I think they could be good options for patient investors. But I wouldn’t expect them to replicate the gains they made last year any time soon.

The Catapult Group International Ltd (ASX: CAT) share price has returned to trade and climbed 2.5% higher to $1.21. Yesterday the sports analytics and wearables company announced a $25 million equity raising through a placement of shares with institutional investors. This has been completed successfully at $1.10 per share. The money raised will be used to fund its growth plans. The market appears pleased with this decision judging by today’s move higher.

The IOOF Holdings Limited (ASX: IFL) share price is up 3% to $10.28. This morning the financial services company’s shares were upgraded to a buy rating with an increased price target of $11.50 by UBS. The broker has made the move after IOOF’s share price dropped significantly following its acquisition of ANZ Wealth business late last year. The broker felt the sell off was unwarranted.

The Western Areas Ltd (ASX: WSA) share price has jumped 10.5% to $3.33 after the resources sector bounced back thanks to fears of a trade war subsiding. Today’s push higher could also be related to nickel futures ticking upwards or Morgan Stanley upgrading its nickel forecasts higher. The broker does, however, still think that Western Areas’ shares are overvalued.

Missed these gains? Then don't miss out on these top stocks which I think could be next in line to storm higher.

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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 Catapult Group International Ltd. The Motley Fool Australia owns shares of A2 Milk. 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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