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Why these 4 ASX shares stormed higher today

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It has been a disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down 0.5% to 5,742 points.

Four shares in particular which have managed to defy the market today are listed below. Here’s why they have stormed higher:

The Cann Group Ltd (ASX: CAN) share price has rocketed 18% to 85 cents despite there being no news out of the pot stock. I suspect that some investors may have wanted to snap up shares in the company ahead of its upcoming first harvest.

The Family Zone Cyber Safety Ltd (ASX: FZO) share price has jumped 12% to 46 cents following a successful $5.2 million placement of shares. The heavily oversubscribed placement was done at 40 cents per share, just one cent lower than its last close price. I believe this is a testament to the quality of the company’s software and further justifies the incredible rise of its share price this year.

The Genworth Mortgage Insurance Australia (ASX: GMA) share price has gained 5% to $3.17 following the release of its half-year result. Although Genworth posted a 35% decline in net profit after tax to $88.7 million, investors appear to have overlooked this due to its plan to buy-back up to $100 million of shares on-market.

The Star Entertainment Group Ltd (ASX: SGR) share price is up 4% to $5.25. Today’s gain is likely to be attributable to a research note out of UBS this morning that revealed that its analysts have reiterated their buy rating and increased the price target on the gaming company’s shares to $6.23. I would agree with UBS that Star could be a good investment at the current share price.

Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

*Returns as of 6/8/2020

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.

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