Why Cogstate, Contact Energy, EML, & OM Holdings are pushing higher

These ASX shares are having positive days. Here’s why…

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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.15% to 7,270.7 points.

Four ASX shares that are not letting that hold them back today are listed below. Here’s why they are pushing higher:

CogState Limited (ASX: CGS)

The CogState share price is up a massive 58% to $1.46. Investors have been buying the neuroscience technology company’s shares following news that Eisai and Biogen have gained Accelerated Approval from the US FDA for aducanumab for the treatment of Alzheimer’s disease. Cogstate believes its digital cognitive assessment technology could play an important role in supporting the types of large-scale cognitive assessment that will be necessary in the launch of disease modifying therapies like aducanumab. It has a global deal with Eisai.

Contact Energy Limited (ASX: CEN)

The Contact Energy share price is up 5% to $7.62. This follows the release of a business update by the energy company this morning. That update revealed improvements in its overall performance and pricing.

EML Payments Ltd (ASX: EML)

The EML Payments share price is up 5% to $3.65. Investors have been buying the payments company’s shares after broker responded positively to its trading update from yesterday afternoon. One of those was UBS, which responded by retaining its buy rating and $5.30 price target. Based on its update, it expects EML Payments to deliver a result at the top end of its guidance in FY 2021.

OM Holdings Limited (ASX: OMH)

The OM Holdings share price is up 2.5% to 78.5 cents. This morning the manganese and silicon company announced that it has obtained the approval of the Securities Commission Malaysia and Bursa Malaysia Securities Berhad to proceed with its secondary listing. The company notes that it is known by many in Southeast Asia through its smelter operations in Sarawak.

James Mickleboro does not own any shares mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended EML Payments. The Motley Fool Australia owns shares of and has recommended EML Payments. 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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