It has been another disappointing day of trade for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down slightly to 6,003 points.
Four shares which haven’t let that hold them back are listed below. Here’s why they have started the week higher:
The Auscann Group Holdings Ltd (ASX: AC8) share price has climbed 2.5% to $1.64 after announcing an agreement with Australian Pharmaceutical Industries Ltd (ASX: API). The two companies aim to form a wholesale agreement for the distribution of AusCann’s cannabinoid medicines throughout Australia. I think this is a big step forward and could put AusCann in a strong position as a first-mover in the industry.
The Bellamy’s Australia Ltd (ASX: BAL) share price is over 3% higher at $14.97 despite there being no news out of the infant formula company. However, a positive trading update and guidance increase last week appears to have investors fighting to get hold of its shares. I think it has been a remarkable turnaround for Bellamy’s and there could still be plenty of upside for its shares in the next 12 months.
The MGC Pharmaceuticals Ltd (ASX: MXC) share price is up 5% to 10.5 cents after its 51%-owned MGC Derma business signed a strategic distribution agreement with world-renowned online beauty store, Cult Beauty. The deal will see 15 of MGC Derma’s cannabidiol cosmetic products sold on the Cult Beauty site after launching on February 1.
The Topbetta Holdings Ltd (ASX: TBH) share price has jumped 5% to 41 cents following the release of its quarterly update. According to the release, the company recorded quarterly wagering and tournament revenue of $82.9 million in the December quarter. This was a 52% increase on the September quarter and well ahead of its guidance of $75 million.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Australian Pharmaceutical Industries 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.
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