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Why these 4 ASX shares have climbed higher today

Unfortunately the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back the majority of yesterday’s gains and in afternoon trade is lower by 1.2% to 5,763 points.

Four shares which have managed to defy the market and climb higher today are listed below. Here’s why they have made strong gains:

The Bellamy’s Australia Ltd (ASX: BAL) share price has jumped 7% to $6.17 today. The infant formula company’s shares had been in a trading halt whilst it’s raised funds to acquire a CNCA-licensed powder products blending and canning line in Victoria. So far the company has raised $14.3 million from institutional investors at $4.75 per share. Bellamy’s expects to raise approximately $60.4 million in total. The market appears to like what it sees.

The Somnomed Limited (ASX: SOM) share price is up almost 5% to $3.25. Today’s gain will no doubt be a welcome relief to shareholders. Prior to today the sleep treatment specialist’s shares had lost over 20% of their value year-to-date. Whilst I like the company, it wouldn’t be my first pick in the industry.

The Super Retail Group Ltd (ASX: SUL) share price is up 3.5% to $8.04 despite there being no news out of the company. A good number of beaten down retail shares are posting gains today. It appears as though some investors believe these shares may have fallen into bargain territory now. Here’s why Super Retail could be worth taking a look at.

The Zelda Therapeutics Ltd (ASX: ZLD) share price is up almost 10% to 8.1 cents. This morning the medicinal cannabis company announced that it has signed a strategic manufacturing and distribution agreement with Chile-based Knop Laboratorios. Management believes the agreement will form an important part of Zelda’s Chilean activities. Pleasingly, it also gives Zelda direct access to Knop’s pharmacy chain in Chile.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Super Retail Group 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.