Motley Fool Australia

Why these 4 ASX shares are ending the week with strong gains

thumbs up

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and is flat at 5,918 points.

Four shares which haven’t let that hold them back today are listed below. Here’s why they are ending the week with a bang:

The Blackmores Limited (ASX: BKL) share price is up 7.5% to $148.00 a day after the release of its first-quarter update. Today’s gain is likely to be related to two broker notes that were released this morning. Both Credit Suisse and Ord Minnett increased the price target on the health supplements company’s shares to $150.

The Cann Group Ltd (ASX: CAN) share price is up 4.5% after the medicinal cannabis company announced that the Office of Drug Control has granted it a licence to import and export cannabis genetics and medicinal cannabis. At one stage the pot stock was up as much as 7% to an all-time high of $1.68. This meant its shares had risen 460% since its 30 cents per share IPO in May.

The Macquarie Group Ltd (ASX: MQG) share price is up 3% to $97.32 following the release of its first-half results. The investment bank reported an impressive 19% jump in net profit to $1,248 million. Amongst the many highlights was the 28% lift in profit from its annuity-style businesses.

The ResMed Inc. (CHESS) (ASX: RMD) share price has climbed 5% to $10.69 after the release of the sleep treatment company’s first-quarter update. According to the release, ResMed posted an 11% increase in quarterly revenue to US$523.7 million. Adjusted net income was 13% higher on the prior corresponding period at US$86.1 million. I think this result demonstrates why ResMed could be a great buy and hold investment option.

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 of the stocks mentioned. The Motley Fool Australia owns shares of Blackmores Limited. 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.

Related Articles...