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Why these 4 ASX shares are surging higher today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the day with a strong gain thanks largely to the banking sector. In afternoon trade the benchmark index is up 1.1% to 5,934.1 points.

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

The A2 Milk Company Ltd (ASX: A2M) share price is up 8% to $9.77 following the release of a trading update this morning. According to the release, revenue for the first quarter of FY 2019 has been consistent with expectations. Management advised that this reflects continued strong growth in infant formula and milk products. This appears to have quashed concerns that its performance was weakening in China.

The Appen Ltd (ASX: APX) share price has climbed 5% to $11.86 despite there being no news out of the tech company. But following a strong rise by the Nasdaq index on Wall Street overnight, many of Australia’s leading tech shares have rebounded strongly today. I think Appen’s shares are a great option for patient investors that are willing to hold onto them for the long term.

The Challenger Ltd (ASX: CGF) share price is up 4% to $11.15 after the annuities company released its latest assets and funds under management update. According to the release, total assets under management grew to $81 billion during the latest quarter and total funds under management increased by $300 million to $78.2 billion.

The Link Administration Holdings Ltd (ASX: LNK) share price has stormed 5.5% higher to $7.72. This morning the administration services company was the subject of a favourable broker note out of UBS. According to the note, the broker has upgraded its shares from neutral to a buy rating with an improved price target of $8.90. UBS sees value in its longer-term funds administration growth and also its options for capital management.

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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 Challenger Limited. The Motley Fool Australia owns shares of A2 Milk and Appen 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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