Here's why these 3 ASX shares are trading higher today

Here are 3 ASX shares performing strongly today, providing some indication as to what's pushing the S&P/ASX 200 Index (INDEXASX:XJO) higher.

Phil Harpur

Phil Harpur has been contributing to Motley Fool Australia as a Freelance Writer since late 2019. Phil has spent the last 25 years working as a Senior Technology Analyst for some of the leading global technology research firms. Over the years, his market insights have been quoted in publications such as the AFR, SMH and the Australian, and he has appeared on business TV programs including Bloomberg, CNBC, Fox Business and the ABC. Phil is passionate about the share market and investing. He has post-graduate qualifications in Applied Finance and Investment from the Securities Institute of Australia. In his spare time, Phil likes to chill out listening to his favourite jazz artist or hanging out at the beach.

Published February 14, 2020 2:33 pm AEDT

The S&P/ASX 200 Index (INDEXASX: XJO) is up slightly today and looks to be on course to finish the week in positive territory.

So, here are 3 ASX shares performing strongly today, providing some indication as to what's behind the upward movement.

Navigator Global Investments Ltd (ASX: NGI)

Navigator Global is the parent company of US-based hedge fund Lighthouse Investment Partners. The company currently has a market capitalisation of $579 million, placing it in the S&P/ASX 300 Index (INDEXASX: XKO).

Navigator Global's share price growth today could be linked to the company's first-half earnings release yesterday. Shares closed lower yesterday by 3.2%, however, they are climbing higher today to be up by 7.8% at the time of writing.

The company's earnings before interest, tax, depreciation and amortisation (EBITDA) for the six months to 31 December 2019 came in at US$19.2 million. Although this was down on H1 2019 where EBITDA came in at US$20.1 million, it was higher than the previous period of H2 2019 which saw EBITDA of US$17.5 million.

According to CommSec, Navigator Global shares are currently trading on an attractive price-to-earnings (P/E) ratio of 12.2 and pay a very impressive dividend yield of 7.1% (unfranked).

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)

The Soul Patts share price has had a great run on the ASX over the past few days. Since Monday this week, shares in the Australian investment house are up by 7.7% to be trading at $22.31 at the time of writing. So far today, Soul Patts shares are trading 3.67% higher.

Today's upward movement in the Soul Patts share price appears to be linked to a Federal Court ruling that was announced yesterday. The ruling approved the merger between TPG Telecom Ltd (ASX: TPM) and Vodafone Australia.

Soul Patts is an investment conglomerate and it owns 25.3% of TPG's shares. The process still needs to go through some other approvals and the ACCC has 28 days to appeal the decision.

Resonance Health Limited (ASX: RHT)

The Resonance Health share price is up by 3.59% so far today to be trading at $0.202 at the time of writing.

Resonance Health is involved in the development and delivery of non-invasive medical imaging software and services. The company's products are used by clinicians in the diagnosis and management of diseases, as well as by pharmaceutical companies in clinical trials.

Recently on 4 February 2020, the company announced it had entered into a license and royalty agreement with US-based 3DR Laboratories. Under the agreement, 3DR Laboratories has the non-exclusive right to sell Resonance Health's FerriSmart service in the United States. This news was very well received by the market, with shares surging 21.6% higher on the day.

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