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Why these 4 ASX shares have surged higher today

It has been a much-needed positive day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). At the time of writing the benchmark index is up 0.3% to 6,143.2 points.

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

The Bionomics Ltd (ASX: BNO) share price is up 3% to 17.5 cents. At one stage in morning trade the biopharmaceutical company’s shares had rebounded from yesterday horror showing with a sizeable 26% gain. Bionomics’ shares fell 69% on Tuesday after revealing disappointing results from the phase 2 clinical trial of its BNC210 novel drug candidate in patients with Post Traumatic Stress Disorder (PTSD). The trial did not meet its primary endpoint of a decrease in PTSD symptoms as measured by Clinician-Administered PTSD Scale (CAPS-5) at 12 weeks.

The Eden Innovations Ltd (ASX: EDE) share price has rocketed a massive 40% to 7.7 cents. The concrete manufacturer’s shares have been on fire this week after it advised of its first Federal funded highway repair project in Georgia, United States. The company’s EdenCrete product will be used to replace numerous sections of concrete pavement along 11 miles of the Interstate Highway I-16 in Twiggs County. While this is positive news, it is worth noting that management estimates that the job will be worth US$525,000. Whereas around $60 million has been added to its market capitalisation since the announcement.

The Global Construction Services Limited (ASX: GCS) share price has risen 5% to 75.7 cents. This morning Global Construction Services, also known as SRG Global, announced that it has been awarded a four year contract by Woodside Petroleum Limited (ASX: WPL) as operator of the North West Shelf gas project.

The St Barbara Ltd (ASX: SBM) share price has surged 7% to $3.61. St Barbara is just one of a number of gold miners racing higher today after the gold price stormed higher overnight. The spot gold price rose 1.6% to US$1,208 an ounce after political events in Italy rattled global markets.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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 Scott Phillips.

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