Why these 4 ASX shares have raced higher today

The Auscann Group Holdings Ltd (ASX:AC8) share price is one of four racing higher today. Here's what you need to know…

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The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday's decline and in afternoon trade is up 0.5% to 5,775 points.

Four shares which have climbed more than most today are listed below. Here's why they are higher:

The Auscann Group Holdings Ltd (ASX: AC8) share price has rocketed 14% to 52.5 cents today after the pot stock announced that it has been granted a licence to manufacturer medicinal cannabis in Australia. This licence which enables the manufacture and supply of cannabinoid medicines, completes the supply chain for the company.

The Bubs Australia Ltd (ASX: BUB) share price has bounced back from a series of declines and is up almost 5% to 49.2 cents. This morning the fledgling infant formula company released an investor presentation which appeared to show promising progress in the lucrative China market.

The Janus Henderson Group (ASX: JHG) share price is up 5.5% to $45.47 following the release of the financial services company's second-quarter result. According to the release, assets under management increased 4% on a pro forma basis to US$345 billion. Thanks to this and some impressive cost savings, Janus Henderson reported quarterly pro forma profit of US$41.7 million.

The Webjet Limited (ASX: WEB) share price is up 3% to $11.55 a day after a leading broker slapped an outperform rating on its shares. According to a note out of Credit Suisse yesterday, its analysts are bullish on the online travel agent after it announced plans to acquire JacTravel. The broker has a $13.15 price target on its shares and I wouldn't be at all surprised to see it reach that level in the next few months.

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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