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Why these 4 ASX shares are storming higher today

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In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has just managed to keep its head above water and is up a fraction to 6,046 points.

Four shares that have not let that hold them back are listed below. Here’s why they are storming higher today:

The Cochlear Limited (ASX: COH) share price has climbed 3% higher to $197.61 after the hearing solutions company announced the next phase in its long term research and development program towards a totally implantable cochlear implant. Management revealed that it has commenced a clinical feasibility study to evaluate the technology. Though it has warned that the exciting piece of technology isn’t expected to be ready for a commercial launch for a number of years.

The Greencross Limited (ASX: GXL) share price has zoomed 17% higher to $4.84 after confirming that it has received and is engaging with a number of parties regarding takeover proposals. Management advised that the proposals are to be kept confidential and there is no certainty that any proposal will result in a transaction. As one of the most shorted shares on the ASX, this news will be a big blow to short sellers.

The Navitas Limited (ASX: NVT) share price has rocketed 22% higher to $5.31 after announcing that it has received an unsolicited, preliminary, conditional, and non-binding takeover proposal. Unlike Greencross, the education services provider has shared the details of the approach. According to the release, the BGH Consortium has offered $5.50 per share in cash. This is a 26% premium to the last close price.

The NEXTDC Ltd (ASX: NXT) share price has risen a further 4% to $6.54. The data centre operator’s shares have been on the rise since it announced plans to acquire its landlord Asia Pacific Data Centre Group (ASX: AJD). One broker that appears to like the plan is UBS. It has retained its buy rating and $9.30 price target on the company’s shares.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia owns shares of and has recommended Greencross Limited. 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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