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Why these 4 ASX shares climbed higher today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and is down slightly at 6,009 points.

Four shares which haven’t let that hold them back are listed below. Here’s why they have climbed higher today:

The Cleanaway Waste Management Ltd (ASX: CWY) share price is up 2.5% to $1.51. The waste management company’s shares were given a lift this week by a broker upgrade from UBS following its takeover offer for Tox Free Solutions Limited (ASX: TOX). The broker believes its shares are worth $1.64.

The Galaxy Resources Limited (ASX: GXY) share price is up 5.5% to $3.61. The lithium miners have come under heavy selling pressure due to profit taking after they rallied significantly higher. I suspect that bargain hunters may be swooping in today. I think the lithium miner is about fair value now.

The Fortescue Metals Group Limited (ASX: FMG) share price is 2.5% higher to $4.81 thanks to a broker note out of UBS. The broker has upgraded the iron ore producer to a buy rating with a $5.30 price target due to elevated commodity prices and strong free cash flow generation. I agree with UBS on this one.

The Senetas Corporation Limited (ASX: SEN) share price has continued its strong run and is 9% higher to 12.5 cents in afternoon trade. This morning Senetas advised that it has secured the first sale of its ultra-high-speed 100Gbps Ethernet encryptors. According to the release, the purchase was made by a government customer in Western Europe.

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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia has no position in any of the stocks mentioned. 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.