ASX: Why these 4 ASX shares stormed higher today

Australian Stock Markets

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) hasn’t been able to build on yesterday’s gain and finds itself down 0.4% to 5,919 points in afternoon trade.

 

Four shares that are going against the grain today and pushing higher are listed below. Here’s why they have stormed higher:

The Altium Limited (ASX: ALU) share price has stormed almost 20% higher to $17.82 following the release of a strong half-year result after the market closed on Monday. The printed circuit board designer software provider reported a solid 30% increase in half-year revenue to US$63.2 million and an even more impressive 51% lift in EBITDA to US$19 million. I think this puts Altium well on course to hit its goal of US$200 million revenue by 2020.

The Bubs Australia Ltd (ASX: BUB) share price is up 14% to 74.5 cents after announcing an agreement with China-based e-commerce giant JD.com. The supply agreement will see the company’s full range of products available for sale by the end of the month on the popular retail platform. Whilst I think this is a very positive development, I plan to hold off from investing until the agreements it has signed turn into meaningful sales.

The Inghams Group Ltd (ASX: ING) share price is almost 5% higher at $3.56 ahead of its half-year results release on Thursday. Today’s gain may be due to Goldman Sachs tipping the poultry company to surprise to the upside this week. The broker has a buy rating and $3.70 price target on Inghams’ shares. Considering the poor performance of rival Tegel Group Holdings Ltd (ASX: TGH), I would hold off buying Inghams until its results have been released.

The NIB Holdings Limited (ASX: NHF) share price is up 3% to $6.80 a day after the release of its half-year results. Today’s gain is likely to be attributable to a broker note out of Citi which revealed that its analysts have upgraded the private health insurer to a neutral rating from sell after its result came in ahead of expectations. Citi has, however, resisted putting a buy recommendation on NIB’s shares due to valuation concerns.

While NIB might be classed as fully valued now, these top tech shares look cheap considering their explosive growth prospects.