Thanks largely to a solid gain today, so far in March the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to put on a small gain of approximately 1.5%.
Although the market has struggled for gains, a number of shares on the market have rocketed higher. Here’s why these shares are amongst the biggest movers on the market this month:
The Auscann Group Holdings Ltd (ASX: AC8) share price has rallied a massive 190% so far in March. Investors have been piling into the medical marijuana industry ever since the government announced plans to loosen regulations. Other notable triple-digit gains in the industry include MMJ Phytotech Ltd (ASX: MMJ) and Zelda Therapeutics Ltd (ASX: ZLD). Whilst AusCann would be my pick in the industry, at the current share price I would hold off an investment.
The Blackmores Limited (ASX: BKL) share price is up 15% in March. The decision by Chinese officials to delay their new cross border e-commerce laws indefinitely has been the catalyst for the rise. These laws had threatened to reduce the sales of many leading exporters into the country, so it’s not a surprise to see Blackmores and a2 Milk Company Ltd (Australia) (ASX: A2M) rally. Despite their respective share price rises, I feel both companies are still worthy of a closer look.
The SKY and Space Global Ltd (ASX: SAS) share price is up 39% in March thanks largely to the signing of an agreement with major South American telco company Globalsat. SKY and Space Global will provide Globalsat’s end-user customers with bandwidth from its narrow-band satellite communication services. Although I think it may be a touch too soon for an investment, I do believe the exciting tech company is worth keeping an eye on.
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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.