Why these 4 ASX shares have stormed higher today

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) hasn’t been able to build on yesterday’s gain and is down over 0.7% to 5,951 points in early afternoon trade.

Four shares that haven’t let that hold them back are listed below. Here’s why they have stormed higher:

The MGC Pharmaceuticals Ltd (ASX: MXC) share price is up 3% to 9.7 cents after the cannabis company announced the launch of MGC Nutraceuticals. This new product line of cannabinoids and hemp-enhanced nutraceutical products for retail customers has been launched through its e-commerce platform. Management has advised that the global nutraceutical market was valued at approximately US$383 billion in 2016, making this a significant market for it to operate in.

The OFX Group Ltd (ASX: OFX) share price is up 5.5% to $1.52 following the release of a trading update ahead of its investor day. The money transfer company advised that transaction growth has continued in the second-half and its fee and commission margin has remained steady. Furthermore, its average transaction values are up on the first-half of FY 2018 with positive momentum being experienced across all geographies.

The Wattle Health Australia Ltd (ASX: WHA) share price has pushed 3% higher to $2.51. This means that the infant formula and baby food company’s shares have risen by around 15% since this time last week and have recovered strongly from their post-earnings season sell-off. The company generated very little by way of revenue in the first-half of FY 2018, which appeared to spook investors and the media.

The Xero Limited (ASX: XRO) share price is up 4% to $34.27 despite there being no news out of the accounting software provider. However, last week Xero was added to the S&P/ASX 100 Index in the latest quarterly rebalance. This may have brought the company’s shares onto the radar of some fund managers with restrictive investment criteria.

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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 Scott Phillips.

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