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

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) hasn’t been able to continue its strong run and looks set to end the year with a day in the red. In afternoon trade the benchmark index is down 0.3% to 6,069 points.

Four shares that have defied the market and pushed higher are listed below. Here’s why they are ending the week with strong gains:

The Artemis Resources Ltd (ASX: ARV) share price has climbed 10% to 28 cents after the Western Australian Government approved a significant drilling programme at its Radio Hill mine. The drilling programme has been designed to define new primary nickel, copper and cobalt mineralisation amenable to open pit mining.

The MMJ Phytotech Ltd (ASX: MMJ) share price is up 4% to 43.7 cents. This morning the pot stock announced the finalisation of its $2 million investment in Weed Me Inc. The Canadian cannabis company is targeting entry into the estimated C$8 billion Canadian medical and recreational market in 2018 as a high quality, large-scale cannabis producer.

The Orocobre Limited (ASX: ORE) share price is 2% higher at $6.95. Investors continue to snap up lithium miner shares due to the bullish forecasts for lithium demand over the next decade. This is expected to lead to high prices and bumper profit growth for many producers.

The Xero Limited (ASX: XRO) share price is up almost 2.5% to $28.58 despite there being no news out of the accounting software provider. However, with its shares almost 12% off their 52-week high, it appears as though some investors believe its shares are in bargain territory now. They could be right.

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