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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) has followed the lead of international markets and pushed notably higher today. In afternoon trade the index is up over 0.6% to 6,116 points.

Four shares that have climbed more than most today are listed below. Here’s why they are ending the week with a strong gain:

The Auscann Group Holdings Ltd (ASX: AC8) share price has rocketed a further 32% to $1.66 following the Federal Government’s decision to legalise medicinal cannabis exports. Incredibly, AusCann’s shares have now doubled in value since the start of 2018. Investors appear to believe that AusCann is one of the best placed pot stocks to profit from these changes.

The Lovisa Holdings Ltd (ASX: LOV) share price is up 15% to $7.76 following the release of a trading update. The fast-growing jewellery retailer revealed unaudited sales growth of 18.8% for the first-half of FY 2018. As a result, management expects to report half-year EBIT of between $34.5 million and $35 million. This will be an increase of between 22% and 24% on the first-half of FY 2017. I think Lovisa is a standout pick in the retail sector.

The MGC Pharmaceuticals Ltd (ASX: MXC) share price is up 9% to 10.7 cents. Yesterday the pot stock sank into the red amid concerns that it would be negatively impacted by the aforementioned decision by the Federal Government. However, this morning the Europe-based pot stock announced plans to expand its production into Australia to take advantage of the change to regulations.

The Syrah Resources Ltd (ASX: SYR) share price has climbed 4.5% to $4.91 following the release of a sales update. The graphite miner advised that it now has sales agreements in place with two more international customers, providing further diversification across geography and end use market. Despite its shares reaching a 52-week high today, they remain the most shorted on the ASX.

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Motley Fool contributor James Mickleboro has no position in any of the 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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