The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) closed flat today, despite Wall Street posting decent gains on Friday.
These 4 stocks saw their share prices post decent gains today…
MMJ Phytotech Ltd (ASX: MMJ) saw its share price smoke up 16.2% to 39.5 cents after the federal government announced that it was planning a licensing scheme to allow the farming and distribution of medical cannabis. MMJ Phytotech is one of 3 current ASX-listed companies involved in medical marijuana.
Arrium Ltd's (ASX: ARI) share price jumped 14.3% to 12 cents after the iron ore miner and steelmaker posted its September quarterly report. While the market appeared to like the news, Arrium's iron ore division is totally dependent on the iron ore price and it's falling and likely to fall further, as we warned this morning.
Reckon Limited (ASX: RKN) saw its share price climb 10.9% to $2.14 after the Australian Financial Review reported that the company could be a takeover target. The small accounting firm refused to say whether it was in talks with any potential bidders, but did confirm that it had hired investment bank Macquarie as an advisor to look at strategic options.
Cardno Limited's (ASX: CDD) share price gained 7.8% to $3.04 after the engineering company announced that Crescent Capital had agreed to increase its offer price by 30 cents to $3.45 per share. As a result, Cardno's board have agreed not to reject Crescent's offer and will now advise shareholders to accept the offer. Interestingly, the margin between the new offer price and the last closing price is more than 40 cents, suggesting the market doesn't think it will go ahead.
