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Why these 4 ASX shares climbed higher today

Climb to the Top

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and is higher by 0.1% to 5,904 points in afternoon trade.

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

The Appen Ltd (ASX: APX) share price has rebounded from two successive days of declines and is up 7% to $5.40. The data solutions and services provider’s shares had come under heavy selling pressure this week despite there being no news out of it. While the catalyst for the decline is unclear, it appears as though recent advances in machine learning technology have spooked investors.

The Bubs Australia Ltd (ASX: BUB) share price is another on the rebound today, rising 5% to 79.5 cents. The infant formula company’s shares rose by 30% on Monday after it revealed that its products have launched on the Chemist Warehouse Tmall Global ecommerce platform. On Tuesday profit taking set in and its shares tumbled almost 10%.

The Cann Group Ltd (ASX: CAN) share price is up a further 3.5% to $1.55 despite there being no news out of the medicinal cannabis company. Earlier today its shares reached another all-time high of $1.60. This brought their three-month return to a massive 160%.

The Sims Metal Management Ltd (ASX: SGM) share price is up 5% to $14.43. Although there was no news out of the metals and electronics recycler today, its shares have been on a solid run since analysts at Macquarie upgraded it to an outperform rating with a $15.40 price target in the middle of the month.

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

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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 of the stocks mentioned. The Motley Fool Australia owns shares of Appen Ltd. 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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