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Why these 4 ASX shares are surging higher today

In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has recovered from its early declines and is just about flat at 6,279.5 points.

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

The ALS Ltd (ASX: ALQ) share price has stormed 9.5% higher to $8.16 after providing the market with positive first-half guidance at its annual general meeting. According to its presentation, management expects the company to achieve underlying half-year net profit after tax from continuing operations of $85 million to $90 million. This will be an impressive 18% to 25% increase on the prior corresponding period.

The Kogan.com Ltd (ASX: KGN) share price has rebounded from yesterday’s heavy decline with a 7% rise to $5.04. The ecommerce company’s shares were caught up in a tech selloff yesterday and fell heavily. That decline meant its shares were down 53% from their 52-week high and at a level which bargain hunters clearly found attractive. I think its shares are great value at this price.

The Lifestyle Communities Limited (ASX: LIC) share price has climbed 4% to $5.99 after providing an update on its FY 2018 profit expectations. Thanks to strong new home settlements, higher than expected prices for existing home sales, and a 0.25% reduction in the capitalisation rate used by the independent valuers, there has been a material uplift in the value of its property portfolio which will impact its statutory profit result for FY 2018. Management expects to report an underlying net profit after tax of $33 million to $34 million and a statutory net profit after tax in the range of $52 million and $53 million.

The Xero Limited (ASX: XRO) share price is up over 3% to $44.15 after announcing the acquisition of Canadian data capture solution company Hubdoc for US$70 million. Management believes that the acquisition allows Xero “to take the next step in delivering a platform that seamlessly connects small businesses with their financial data, and their accountants and bookkeepers.” The market appears to agree, judging by the share price gain today.

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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 Xero. The Motley Fool Australia has recommended Kogan.com ltd. 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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