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Why these 4 ASX shares are ending the week on a high

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make it two days of gains in a row. At the time of writing the index is up 0.45% to 5,969 points.

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

The Blackham Resources Ltd (ASX: BLK) share price has continued its charge higher and is up 7.5% to 8.7 cents. On Thursday the gold miner provided the market with an update on its operations in February. That update revealed record production and an impressively low all-in sustaining cost. Investors appear to believe that Blackham has turned around its fortunes after a troubling 12 months.

The Bubs Australia Ltd (ASX: BUB) share price has climbed almost 4% to 81.5 cents. This morning it was announced that the goats milk infant formula and baby food company would be added to the All Ordinaries at the March rebalance. This could potentially bring Bubs onto the radar of fund managers. Whilst I am a fan of the company, I think investors should hold off investing until its sales catch up to its valuation.

The Cann Group Ltd (ASX: CAN) share price has risen 1% to $2.92. Although this is only a small move higher, it is significantly outperforming its medicinal cannabis peers which have fallen sharply today. The catalyst for this gain is likely to be due to its inclusion on the All Ordinaries index this month. This makes it the first medicinal cannabis company to feature on a major Australian index.

The REA Group Limited (ASX: REA) share price is up almost 2.5% to $79.80. Today’s gain is likely to be attributable to a broker note out of Citi this morning. That note revealed that Citi’s analysts have upgraded the property listings company to a buy rating from neutral. The broker bumped its price target up to $90.00 as well.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended REA Group 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 Scott Phillips.

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