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Why these 4 ASX shares are surging higher today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the day deep in the red. At the time of writing the index is down almost 0.8% to 5,857.2 points.

Four shares that have defied the market blues today are listed below. Here’s why they are surging higher:

The Bellamy’s Australia Ltd (ASX: BAL) share price is up 5% to $8.52. News that Woolworths Group Ltd (ASX: WOW) has had to put a limit on the amount of infant formula that shoppers can buy appears to have gone down well with investors. This appears to show that demand for Bellamy’s products remains strong in China. The market will potentially have this confirmed tomorrow at its AGM.

The Clean TeQ Holdings Limited (ASX: CLQ) share price is up 3.5% to 46 cents following the release of its quarterly update. The clean technology company reported $1.5 million in cash receipts during the quarter, but ultimately a cash outflow of $18.3 million. Luckily, the company still has a hefty cash balance of $134.3 million to support its plans.

The Flight Centre Travel Group Ltd (ASX: FLT) share price has bounced back from yesterday’s heavy decline with a 4% rise to $47.85. The travel agent’s shares were smashed on Monday after the poor performance of its Australian Leisure business was revealed. However, Morgan Stanley doesn’t appear concerned and upgraded its shares to an overweight rating with a $59.00 price target.

The Healthscope Ltd (ASX: HSO) share price has rocketed 20% higher to $2.14 after advising that it has received another takeover offer from the BGH – AustralianSuper consortium. The highly conditional proposal is a preliminary, non-binding indication of interest and specifies an indicative price of $2.36 cash per share. This values the private hospital operator at $4.1 billion and is the same as its previous proposal which was rejected by the company on May 22.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Flight Centre Travel Group Limited. 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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