MoneyMe, Nanosonics and Data#3 shares soar higher today

As the S&P/ASX 200 (INDEXASX: XJO) dropped lower again today, here are 3 ASX shares that bucked the trend and recorded strong gains.

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It has been another disappointing day for the S&P/ASX 200 Index (INDEXASX: XJO), with the broad Aussie share market ending the day 3.60% lower. Today's fall comes after solid overall market gains yesterday. So, it appears that the high market volatility we've been currently experiencing hasn't ended yet.

Despite the weakness of the wider market, here are 3 ASX shares that saw positive gains today.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price climbed as much as 4.17% higher today, although I can't see any immediate event linked to this increase. It is likely that bargain hunters are just entering the market after the recent sell-offs. From February 20, 2020, to close of trade yesterday, Nanosonics had seen a 21.5% correction in its share price. However, this was off very strong share market gains over the past year.

It was a mixed set of results for Nanosonics in its half-year update on February 25. The company recorded revenue of $48.5 million for the first half of FY20, up 19% on the prior corresponding period (pcp). However, operating profit before tax was down by 39% to $6.7 million.

Data#3 Limited (ASX: DTL)

The Data#3 share price soared 6.78% higher today to close at $3.62. Once again, I think this rise is due to market volatility and bargain hunters looking to cash in on more favourably priced shares. Data#3 is also a relatively small-cap ASX share, which is often subject to market volatility.

The tech provider's share price has been hit quite hard recently, down by 28.3% between the beginning of the wider market correction up until the close of trade yesterday.

I also don't think that the market was fully impressed with Data#3's recent financial results. For the six months ended December 31, Data#3 recorded total revenue of $719 million, up by 11.6% on the pcp. Despite this looking to be a very solid result, it appeared to be below market expectations.

MoneyMe Ltd (ASX: MME)

It has been a wild ride for online money lender MoneyMe recently with its share price up 8.64% today to close at $1.195. Over the two prior trading days, the MoneyMe share price lost 21% of its value. Zooming out further, from the period since February 18 up until the close of trade yesterday, MoneyMe had lost a massive 38.7% of its value. So, bargain hunters entering the market today is not surprising.

During the six months ended December 2019, the online lender delivered a 44% increase in revenue over the pcp to $21.3 million. The company also posted a statutory net profit after tax of $4.3 million, up from $0.1 million a year earlier, so the business appears to be in relatively solid shape.

Phil Harpur owns shares of Nanosonics Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nanosonics Limited. The Motley Fool Australia has recommended Data#3 Ltd. and Nanosonics 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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