Why these 4 ASX shares stormed higher today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is following the lead of international markets and is pushing higher. At the time of writing the benchmark index is up 0.3% to 5,861 points.

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

The Hub24 Ltd (ASX: HUB) share price has raced 6% higher to $10.76 after the fintech company released its latest quarterly update. During the March quarter HUB24 achieved net inflows of $595 million, an increase of 42% on the prior corresponding period. This increase was driven from both new and existing advisers and brought the total funds under administration (FUA) to $7.4 billion, representing growth of 58% on the prior corresponding period. I think HUB24 is well worth a closer look after this performance.

The Praemium Ltd (ASX: PPS) share price has pushed a further 6% higher to 70 cents. Investors continue to fight to get hold of Praemium’s shares after the release of its strong quarterly update on Monday. Like HUB24, that update revealed strong fund inflows onto its platform. Praemium reported combined gross inflows of $671 million, this third highest on record and 39% higher than the prior corresponding period.

The Qantas Airways Limited (ASX: QAN) share price has climbed 2.2% to $5.97 after oil prices retreated overnight. In addition to this, the airline was given a boost from a broker note out of Goldman Sachs. It believes issues with Rolls-Royce engines could be a small win for the company as it will be unaffected, unlike some of its competitors. Goldman has retained its buy rating and $6.71 price target on the airline’s shares.

The Saracen Mineral Holdings Limited (ASX: SAR) share price has stormed over 5% higher to $1.89 following the release of the gold miner’s quarterly production update. Thanks to a strong quarter which saw record production of 98,886 ounces, the company has upgraded its FY 2018 production guidance rises to between 310,000 and 315,000 ounces. Saracen has also lowered its all-in sustaining cost guidance down to between A$1,100 and A$1,150 per ounce.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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