Confidence appears to be returning to ASX shares again today as the S&P/ASX 200 Index (ASX: XJO) and All Ordinaries (ASX: XAO) are currently up 1.36% and 1.55%, respectively, at the time of writing. Let us at least hope that it is actually due to confidence and not a case of FOMO (fear of missing out) that's driving this rise.
In either case, below are 3 ASX shares that are smashing the market today and are currently up by more than 10%.
Gentrack Group Ltd (ASX: GTK)
Gentrack is a software provider based in New Zealand. Its software is used around the world by airports and utility companies, including a large presence here in Australia. Its share price has come under significant pressure over the past 6 months as a result of the company making a number of earnings downgrades. Additionally, Gentrack's CEO Ian Black announced that he would be standing down from his position last month.
However, Gentrack's share price has jumped a whopping 32.35% today to sit at $1.35 at the time of writing – albeit a small gesture for long term shareholders, who have slowly watched it drop from a 12-month high of $6.23.
This rise appears to be off the back of an announcement the company made today confirming its half year guidance and decision to withdraw full year guidance as a result of the COVID-19 outbreak. While many companies have also withdrawn full year guidance, investors appear happy not to have received another downgrade for its half year guidance.
Dicker Data Ltd (ASX: DDR)
Dicker Data shares have also jumped far higher today, with the shares currently up 11.37% to $5.68. With no announcements made by the company, it appears investor sentiment is returning to the shares following the numerous director buys throughout March.
In fact, Dicker Data shares are now up almost 50% from their low of $3.90 just over a week ago. This rise could be thanks to investors becoming increasingly bullish on the wholesale computer company, given more people are now required to setup home offices to work from during the pandemic.
Dicker Data shares also offer investors an attractive grossed-up dividend yield of 7.84% on current prices, which may be attracting dividend seekers.
Challenger Ltd (ASX: CGF)
Challenger has continued its recent rally today with its shares up 12.94% to $4.54 at the time of writing. This follows strong gains over the last week, when the company traded as low as $2.82. That's a 62% jump in 8 days, which is not common for a large cap ASX 200 company.
With the market rising strongly today, I'm not surprised to see some of the more 'beaten down' shares from the last month making some of the largest gains. Given that Challenger shares were trading above $10 in mid February, its shares have been impacted more than most. Challenger also made an announcement yesterday reaffirming its revised guidance range and confirming that it remains strongly capitalised.
Another reason investors may be pushing the shares higher today is for its grossed-up 12.61% dividend yield. With no mention of its dividend in its recent announcements, investors may be confident that it wont be cut or postponed.
