Why these 4 ASX shares are surging higher today

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and has edged lower in afternoon trade. At the time of writing the index is down slightly to 6,091.3 points.

Four shares that haven’t let that hold them back are listed below. Here’s why they are surging higher:

The Challenger Ltd (ASX: CGF) share price has climbed almost 5% to $12.47. This morning the annuities company welcomed reforms included in the Federal Budget that will transform the retirement phase of superannuation. In addition to this, a note out of Citi reveals that its analysts have upgraded Challenger to a buy rating with a $13.60 price target.

The Clean TeQ Holdings Limited (ASX: CLQ) share price has jumped 8.5% to $1.09. The market appears to have responded positively to news that non-executive director Stefanie Loader has picked up 50,000 shares through an on-market purchase this week. Last week the cobalt-focused mineral exploration company’s shares rose strongly after it provided a positive update on the progress it is making at its Sunrise Project.

The Reece Ltd (ASX: REH) share price has rocketed 14% higher to $12.26 after successfully completing its institutional placement and entitlement offer to raise $248 million. The funds will be used to support the transformational acquisition of U.S. plumbing equipment distributor MORSCO for $1.9 billion. The funds were raised at $10.20 per share. I think this has been a great move by management.

The WiseTech Global Ltd (ASX: WTC) share price is up 5.5% to $12.71. The logistic platform provider’s shares have been on fire in May and have now risen 16%. A broker note out of Citi this week may have been the catalyst for this push higher. Its analysts upgraded WiseTech Global’s shares to a buy rating with a $14.12 price target. This could mean there’s still plenty more upside for its share price despite this strong run.

Missed these gains? Then don't miss out on these stunning shares.

Top 3 ASX Blue Chips To Buy In 2018

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool’s Top 3 Blue Chip Stocks for 2018."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

Click here to claim your free report.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger Limited. The Motley Fool Australia owns shares of WiseTech Global. 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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.