The S&P/ASX 200 Index (ASX: XJO) finished up by 4.33% today, with a day of strong share price rises across the board as high share market volatility continues.
Here we look at 4 ASX shares that have seen particularly strong share price gains today.
Altium Limited (ASX: ALU)
The Altium share price rose a strong 10.88% today. Altium designs specialist software which enables engineers to design printed circuit boards for a broad range of electronic devices, from computers to cars and devices that make up the ‘Internet of Things’.
Over the past few years, the company has continued to invest for growth in its key overseas markets of the US and China. With demand in those markets falling off due to the coronavirus crisis, there has been a sharp recent correction to its share price. However, there have been some signs of recovery over the past two weeks as demand from China begins to improve.
Nearmap Ltd (ASX: NEA)
Nearmap shares surged 12.44% today. However, this is on the back of a downward trend in its share price since peaking mid last year, and further falls have also been suffered since the wider market crash began in late February.
On a positive note, Nearmap’s recent investments in North America appear to be on track and are beginning to deliver some early encouraging results. Nearmap recently commented that it will also look to other markets in the future, however, its current strategy outside of Australia still remains very much in North America.
Corporate Travel Management Ltd (ASX: CTD)
Corporate Travel, along with a number of ASX travel shares including Webjet Limited (ASX: WEB), Flight Centre Travel Group Ltd (ASX: FLT) and Qantas Airways Limited (ASX: QAN), have suffered from heavy recent share price falls as our travel industry has come to a grinding halt due to the pandemic.
On a positive note, the travel company reassured the market in late March that it doesn’t need to raise equity at this stage, although it did defer its interim dividend. Corporate Travel’s strong share price rise of 14.68% today is on the back of a big 46% rise in its share price last week.
Vocus Group Ltd (ASX: VOC)
Telecommunications provider Vocus saw a strong 8.76% rise in its share price today. Vocus provides data networks services directly to medium, large and corporate businesses and also acts as a telecommunications wholesaler. Although there was a declining trend in the Vocus share price in the first three weeks of March, there has been the start of share price rebound since 24 March.
Telecommunication services will be vital throughout the coronavirus crisis and although there will be some drop off in corporate usage in office buildings, this should be compensated through increased domestic usage.
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Motley Fool contributor Phil Harpur owns shares of Altium, Corporate Travel Management Limited, Nearmap Ltd., and Webjet Ltd. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited, Flight Centre Travel Group Limited, Nearmap Ltd., and Webjet Ltd. The Motley Fool Australia owns shares of Altium. 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.