Why these 4 ASX shares are surging higher

The Creso Pharma Ltd (ASX:CPH) share price is one of four surging notably higher on Wednesday. Here’s why…

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Rising ASX share price represented by investors jumping high in the air

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Thanks largely to gains in the resources sector, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has pushed higher on Wednesday. In afternoon trade the index is up 0.1% to 6,069 points.

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

The Creso Pharma Ltd (ASX: CPH) share price is up 6% to 98.5 cents. Almost all of Australia’s pot stocks are climbing higher today after their Canadian equivalents rallied hard overnight. Strong demand for recreational product in California and a new pot stock ETF were behind that rally.

The Fortescue Metals Group Limited (ASX: FMG) share price is one of a number in the resources sector pushing higher today. The iron ore miner’s shares are up 3% to $5.07 this afternoon thanks to a jump in the iron ore price.

The Pushpay Holdings Ltd (ASX: PPH) share price is up 4.5% to $3.97 following the release of a trading update. This morning the payment solutions company advised the market that it has achieved its target of US$100 million in annualised committed monthly revenue three months ahead of schedule.

The Resolute Mining Limited (ASX: RSG) share price has climbed 2% to $1.20 thanks to another rise in the gold price. A weakening U.S. dollar and rising tensions between the United States and North Korea are largely behind the move higher.

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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 PUSHPAY FPO NZX. 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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