Why these 4 ASX shares are surging higher today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has built on yesterday’s gain and is up a sizeable 0.5% to 5,916 points in afternoon trade.

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

The Altium Limited (ASX: ALU) share price has raced 4% higher to $20.57 despite there being no news out of the printed circuit board design platform provider. On Monday Altium’s shares tumbled notably lower on the back of no news. I suspect bargain hunters may have swooped in this morning to buy the dip. I can’t blame them and think Altium is a great buy and hold investment option.

The Aristocrat Leisure Limited (ASX: ALL) share price is up 3% to $26.37. Earlier today I revealed that the gaming technology company had been the subject of a favourable broker note out of the Macquarie equities desk. According to the note, its analysts retained their outperform rating and lifted the price target on its shares to $27.15 after reviewing a recent slot machine survey. I would agree with Macquarie that it is a buy at this price.

The Auscann Group Holdings Ltd (ASX: AC8) share price has jumped over 10.5% to $1.60. This morning the medicinal cannabis company advised that it has received an import permit under its existing import licence and will soon receive finished cannabis oils from its major shareholder, Canada-based medicinal cannabis giant Canopy Growth Corporation. I think this is a positive development and strengthens AusCann’s position as the leader in the industry.

The iSelect Ltd (ASX: ISU) share price has rebounded from yesterday’s collapse with an 8% gain to 48 cents. On Monday iSelect’s shares were absolutely crushed after it downgraded its full-year underlying EBIT guidance to between $8 million to $12 million. Previous guidance had been for EBIT of between $26 million to $29 million. The iSelect CEO resigned with immediate effect as well.

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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 Altium. 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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