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Why these 4 ASX shares are storming higher today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make it two consecutive days of strong gains. At the time of writing the benchmark index is up 0.6% to 5,763.1 points.

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

The Afterpay Touch Group Ltd (ASX: APT) share price is up 5% to $11.89 despite there being no news out of the payment technology company. However, prior to today the Afterpay Touch share price had fallen over 50% since the start of the month. I suspect that some investors feel this has left its shares in the bargain bin now.

The Beach Energy Ltd (ASX: BPT) share price has jumped 8% to $1.72. Today’s gain is likely to be attributable to a positive broker note out of the Macquarie equities desk this morning. According to the note, the broker has taken its underperform rating off Beach’s shares and upgraded them to a neutral rating following the release of a strong quarterly update on Monday.

The Cann Group Ltd (ASX: CAN) share price has pushed 4% higher to $2.48 following the release of a market update. According to the release, the cannabis company has now successfully completed 24 harvests at its facilities in Victoria. In addition to this, its first full medicinal crop is underway and its major expansion plans in Tullamarine are progressing. Management believes that the latter project provides a clear pathway to sustained profitability.

The Class Ltd (ASX: CL1) share price has bounced 5.5% higher to $1.90 today. The SMSF platform provider’s shares were trading at a 52-week low this week following a disappointing quarterly update last week. Some investors appear to have seen value in its shares at this level and have been snapping them up today. I’ll be waiting for signs of improvement before considering Class.

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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 and Class 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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