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Should you buy ASOS plc, Premier Oil plc and Galliford Try plc following today’s news?

A bubbly operating update has powered Premier Oil (LSE: PMO) 5% higher in Tuesday business, the company advising that production averaged 61,000 barrels per day during January-June.

Output even reached a record 80,000 barrels at one point. And Premier Oil now expects total output for 2016 to ring in at the upper end of a guided 65,000-70,000 barrels per day. First oil at Solan was produced during the period, and development of the Catcher project also achieved major milestones, Premier Oil noted.

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Healthy safe-haven appetite has powered fossil fuel plays like Premier Oil in the wake of last month’s Brexit vote. But questions remain over how long this stellar run can keep going.

US producers appear to be acclimatising to the environment of depressed crude values, with latest Baker Hughes data showing the rig count rising for five out of the past six weeks. And of course much-needed output cuts elsewhere are still to materialise.

The City expects Premier Oil to keep producing losses until at least next year. And given the oil market’s worrying long-term supply outlook, I reckon the bottom line may continue to struggle at Premier Oil, despite its improving operational performance.

Construction confidence

Shares in Galliford Try (LSE: GFRD) have also bounced following a market update of its own, the stock 6% higher from Monday’s close as I write.

The construction play said that it expects to print record results for the year to June 2016, with strong growth being enjoyed across its Construction, Linden Homes and Partnerships divisions.

Galliford Try advised that “recent political events create a backdrop of uncertainty for the new financial year,” although the firm remains confident over the two latter segments thanks to the robustness of the housing segment. And it notes that 82% of the order book has been secured for fiscal 2017.

Of course the full impact of Brexit will take some time to play out. But some would argue that Galliford Try’s ultra-low P/E rating of 6.1 times for the current period more than accounts for the consequent risks.

Fashion favourite

I’ve long been a believer that the explosive popularity of online shopping should blast earnings higher at ASOS (LSE: ASC) in the years ahead.

And today’s results underpinned my belief in ASOS’s business model. The clothing retailer saw total sales roar 30% during the four months to June, to £500.5m. And ASOS saw customers numbers leap by almost a quarter year-on-year, to 12m as of last month.

And the market certainly continues to believe in the ASOS growth story. Indeed, the stock has leapt to 27-month highs in Tuesday trading, above £45.60 per share.

While international sales are surging, investors shouldn’t lose sight of its huge reliance on the UK market, however, and subsequently the possibility of severe economic cooling on revenues looking ahead. The firm garners around 40% of total sales from its home market.

Still, ASOS remains positive looking ahead, particularly as it’s enjoying “further acceleration across the US, EU and the rest of the world.” And of course, the company should enjoy the fruits of declining sterling against the dollar and euro looking ahead.

I reckon ASOS is still a strong pick for those seeking access to the retail market, even in spite of a heady forward P/E rating of 77.7 times.

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Royston Wild has no position in any shares mentioned. The Motley Fool UK owns shares of and has recommended ASOS. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.