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

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.

If you're looking to add growth to your portfolio, don't miss these ASX growth shares currently trading at attractive valuations.

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Phil Harpur has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Resonance Health Ltd. The Motley Fool Australia owns shares of and has recommended Washington H. Soul Pattinson and Company 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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