Why Galaxy, HUB24, Paradigm, & Telstra shares are pushing higher

HUB24 Ltd (ASX: HUB) and Telstra Corporation Ltd (ASX:TLS) are two of four ASX shares storming higher on Friday. Here’s why…

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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is pushing higher. At the time of writing, the benchmark index is up 0.45% to 6,820.8 points.

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

Galaxy Resources Limited (ASX: GXY)

The Galaxy share price is up 6% to $2.40. On Thursday the lithium producer announced the achievement of battery grade lithium carbonate at its wholly owned brine project in Argentina, Sal de Vida. The company revealed that test results demonstrate that battery grade lithium carbonate can be achieved through a simple, bolt-on process. Positively, this can be seamlessly incorporated into the Stage 1 project development.

HUB24 Ltd (ASX: HUB)

The HUB24 share price has rebounded 4.5% to $21.74. This follows a 14% decline in the wealth management platform provider’s shares on Thursday after a rival announced changes in its deposit arrangement. Analysts at Goldman Sachs believe this is a buying opportunity and put a buy rating and $24.58 price target on HUB24’s shares this morning.

Paradigm Biopharmaceuticals Ltd (ASX: PAR)

The Paradigm share price is up almost 7% to $2.56. Investors have been buying the biopharmaceutical company’s shares after it announced the submission of its Investigational New Drug (IND) application to the US Food and Drug Administration (FDA). This is for the planned pivotal study and extension study with PPS (Zilosul) for the treatment of patients with Knee Osteoarthritis (OA).

Telstra Corporation Ltd (ASX: TLS)

The Telstra share price has risen 3% to $3.43. This morning the telco giant announced that it would be delisting its New Zealand listed shares in June. Telstra explained that it was making the change partly to streamline its shareholder services and notes that New Zealand investors now have easy access to the ASX. It believes the move is in the best interests of shareholders and the company.

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James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Hub24 Ltd. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia has recommended Hub24 Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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