Why these 4 ASX shares are storming higher today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back strongly from yesterday’s selloff and is up over 0.7% to 5,713.3 points in afternoon trade.

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

The Brickworks Limited (ASX: BKW) share price is up 3.5% to $15.52 on the day of its annual general meeting. Ahead of the meeting the building materials company released a first quarter update and its guidance for the full year. Although its Building Products division has had a poor first quarter, a strong performance from its Property division and the Glen-Gery acquisition are expected to “more than offset a decline in Australian Building Products earnings in 2019.”

The Nufarm Limited (ASX: NUF) share price is up almost 3.5% to $5.85. The catalyst for this gain is likely to be a broker note out of Credit Suisse this morning which gave Nufarm an outperform rating with an increased price target of $10.16. The broker is bullish on Nufarm’s omega-3 canola development and believes that omega-3 demand will increase significantly due to a supply gap in fish oil.

The Somnomed Limited (ASX: SOM) share price has rocketed 25% higher to 20 cents. This morning the sleep treatment company released its annual general meeting presentation which revealed that the company has decided to close all operations of its RSS subsidiary January 1. This business has been a major drag on its performance this year and shareholders appear to believe it is the right move by management.

The Vocus Group Ltd (ASX: VOC) share price is 2% higher at $3.37. This morning the telco company released a change of director’s interests notice which revealed that non-executive director, Bruce Akhurst, has been buying shares on market this month. According to the notice, Mr Akhurst picked up 50,000 Vocus shares for a total consideration of $164,844.87. It appears as though this insider sees a lot of value in its shares at this level.

Missed these gains? Don't worry because these top shares have been tipped as the next ones to shine.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Brickworks and Vocus Communications Limited. 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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