Why these 4 ASX shares are ending the week on a high

Despite heavy declines in the materials sector the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to push higher on Friday. In early afternoon trade the benchmark index is up 0.3% to 6,283 points.

Four shares that have climbed more than most today are listed below. Here’s why they are ending the week on a high:

The Afterpay Touch Group Ltd (ASX: APT) share price has continued its stellar run and is up a further 12% to $15.19. Today’s gain is likely to be attributable to a note out of Bell Potter which saw the broker retain its buy rating and double the price target on the fintech company’s shares to a massive $21.00. Bell Potter believes Afterpay is a next generation Paypal and has suggested investors focus more on market share gains than earnings for now.

The Cochlear Limited (ASX: COH) share price has pushed almost 3% higher to $209.60. Investors appear to have responded to a favourable broker note out of investment research and management company Bernstein. I think that the hearings solutions company is a great long-term investment, especially given its exposure to the ageing population tailwind.

The Magnis Resources Ltd (ASX: MNS) share price has climbed almost 3% higher to 37 cents after advising that testing programs on the commencement of lithium-ion battery manufacturing are well advanced. Magnis and its partner C4V have made significant progress in qualifying patented next generation materials for leading battery performance and commercial supply chain partners.

The Orecorp Ltd (ASX: ORR) share price has rocketed 56% higher to 26.5 cents after the gold miner provided an update on its Nyanzaga Gold Project in Tanzania. According to today’s release, Orecorp has now completed its earn-in obligations. OreCorp fulfilled this by spending approximately US$14 million in completing a pre-feasibility study and additional feasibility study related work. It also exercised its option to acquire an additional 26% interest in the project.

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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 AFTERPAY T FPO. The Motley Fool Australia has recommended Cochlear Ltd. 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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