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Why these 4 ASX shares have surged higher today

In early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has just managed to keep its head above water and is up 0.2% to 5,736 points.

Four shares which have climbed more than most today are listed below. Here’s why they have surged higher:

The Afterpay Holdings Ltd (ASX: AFY) share price is up almost 9% to $2.90 a day after the payments company announced a new funding facility with National Australia Bank Ltd (ASX: NAB). The new facility will increase from $40 million to $200 million and comes with improved pricing terms. Furthermore, the company reported that annualised underlying sales are estimated to be greater than $1 billion based on its recent monthly trading performance.

The Creso Pharma Ltd (ASX: CPH) share price has jumped 5% to 41.5 cents following the release of a positive announcement from the medicinal cannabis company. Creso has signed a letter of intent with Switzerland-based Cannapharm to provide patients in the Asia-Pacific and Latin America with high quality medicinal cannabis products to treat numerous conditions. A positive step from the fledgling company.

The Premier Investments Limited (ASX: PMV) share price has climbed 3.5% to $12.55. Today’s gain is likely to be attributable to a research note out of Citi which revealed that its analysts have upgraded the retailer to a buy rating with a $13.80 price target. I would agree with Citi on this one and believe Premier Investments is one of the best options in the retail industry right now.

The Vita Group Limited (ASX: VTG) share price has rocketed 11.5% to $1.08 after it emerged that its CEO Maxine Horne had purchased over $3 million worth of shares in the embattled retailer over the last few days. Despite today’s gain Vita Group’s shares are still down 66% year-to-date.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank Limited and Premier Investments 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 Bruce Jackson.