In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) has fought back from a sizeable morning decline and is climbing higher. At the time of writing, the benchmark is up 0.2% to 6,617 points.
Four ASX shares that have not let that hold them back are listed below. Here’s why they are pushing higher:
Blackmores Limited (ASX: BKL)
The Blackmores share price is up 4.5% to $76.85. Investors have been buying the health supplement company’s shares and others with high levels of short interest on Monday. It appears as though short sellers have been closing positions in a hurry amid concerns that the GameStop short squeeze could be replicated with their shares.
Creso Pharma Ltd (ASX: CPH)
The Creso Pharma share price has jumped 10% to 21.5 cents. This morning the cannabis company revealed that it believes it is well-positioned to benefit from changes in Australian regulations that came into effect this morning. The Therapeutic Goods Administration (TGA) has downgraded low dose cannabidiol preparations from Schedule 4 (Prescription Medicine) to Schedule 3 (Pharmacist Only Medicine). This means they can be picked up over the counter from a pharmacy without a prescription.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price has surged 9% higher to $1.01. This is despite there being no news out of the lithium miner. However, last week Tesla blamed an underwhelming result on a lack of lithium batteries. This appears supportive of lithium demand and prices for 2021 and beyond.
Zip Co Ltd (ASX: Z1P)
The Zip share price is up 2% to $7.42. This morning Zip announced that its Chair, Philip Crutchfield, is stepping down from the role after more than five years with the company. He is exiting the role with immediate effect and will be replaced by Ms Diane Smith-Gander AO. Zip believes Ms Smith-Gander is ideally placed to lead Zip as it forges ahead as with its global expansion. The market appears happy with this appointment.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.