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Why these 4 ASX shares are climbing higher today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday’s decline with a push higher on Wednesday. In afternoon trade the benchmark index is up 0.35% to 6,015.7 points.

Four shares climbing more than most today are listed below. Here’s why they are climbing higher:

The BHP Billiton Limited (ASX: BHP) share price has risen 2% to $33.50 after reports emerged claiming that the mining giant has received bids of up to US$9 billion for its shale assets in the first round of bidding. Sources have told Bloomberg that BHP expects to receive offers of US$10 billion or more in the second round and up to US$13 billion if the assets are sold individually.

The Megaport Ltd (ASX: MP1) share price has pushed over 3.5% higher to $4.19 after the provider of elasticity connectivity and network services was the subject of a positive broker note out of UBS. According to the note, the broker has initiated coverage on Megaport with a buy rating and sizeable $5.20 price target. Considering the size and growth of the cloud market, Megaport might be worth a closer look.

The Praemium Ltd (ASX: PPS) share price has risen 4.5% to 80 cents a day after announcing a deal with Morgan Stanley Australia. From July Praemium will provide Morgan Stanley with its market-leading SMA technology and a completely automated managed accounts investment solution. Morgan Stanley Australia currently has $27 billion in assets under management across 110 advisers, making this a potentially lucrative deal if funds come across to its platform.

The Xero Limited (ASX: XRO) share price has zoomed 3% higher to $43.63 after the release of a positive broker note out of Morgan Stanley. According to the note, the broker has looked deeply into the accounting software market and believes that Xero is poised to be a big winner from the shift to cloud-based solutions. The broker has initiated coverage on Xero with an overweight rating and $50.00 price target.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Xero. 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 Scott Phillips.

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