It has been a disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down 0.3% to 5,757 points.
Despite this, four ASX shares have managed to defy the market and climb higher today. Here’s why:
The MMJ Phytotech Ltd (ASX: MMJ) share price has rocketed a remarkable 29% to 61.5 cents following a positive announcement out of the “pot stock”. Today’s announcement revealed that its cannabidiol extract product is now available for sale throughout all pharmaceutical outlets in Germany. Furthermore, the company has signed a letter of intent with a Danish company to market and distribute its products throughout Scandinavia.
The Perseus Mining Limited (ASX: PRU) share price has surged 12% higher to 34.2 cents. Today’s gain is likely to be a combination of a rally in gold miner shares and the company’s announcement regarding funding. The company has secured US$60 million of debt finance from Macquarie Group Ltd (ASX: MQG) to fund its growth strategy.
The SKY and Space Global Ltd (ASX: SAS) share price has climbed 5% to 20 cents after the exciting technology company announced an agreement with a major South American telecommunications provider. Globalsat and SKY and Space Global will explore a commercial and technical collaboration to provide the latter’s narrow-band satellite communication services to end-users in South and Latin America.
The Ten Network Holdings Limited (ASX: TEN) share price has jumped 8% to 63.2 cents despite there being no news out of the entertainment company. But with its shares down almost a third so far this year even after today’s gain, it would appear as though bargain hunters have swooped in. Whilst it does look cheap at today’s price, I’m not overly bullish on its future. For this reason I would hold off an investment.