It has been a mixed day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index has rebounded from early declines and is a fraction higher at 6,199.3 points.
Four shares that are climbing more than most today are listed below. Here’s why they are jumping higher:
The AVZ Minerals Ltd (ASX: AVZ) share price has raced over 7% higher to 8.9 cents after the embattled mineral exploration company announced that it has appointed Perth-based independent engineering group CPC Engineering to undertake a Scoping Study of its Manono Lithium Project. The scoping study is expected to be completed in August 2018 and will provide initial capital and operating cost estimates. There have been a lot of question marks over the viability of the project, so this study will be highly anticipated.
The Botanix Pharmaceuticals Ltd (ASX: BOT) share price has jumped 7% to 10.7 cents after the dermatology company advised that it has recruited the first patients in its BTX 1503 Phase 2 acne clinical trial. The Phase 2 acne clinical trial is fully funded and expected to take 12 months to complete. I’ll certainly be watching out for the results of this one.
The Cann Group Ltd (ASX: CAN) share price has zoomed 6.5% higher to $2.97 after the cannabis company announced that it has signed an agreement for the lease and build of its Stage 3 cultivation and GMP manufacturing facility near Melbourne Airport. The total business case investment is estimated to be circa $100 million, which Cann will use a combination of debt and equity to fund.
The Starpharma Holdings Limited (ASX: SPL) share price has climbed 5% to $1.56 after it licensed its VivaGel BV product to Mundipharma for 43 countries. According to the release, the deal brings total eligible milestones payable to Starpharma for all Mundipharma territories of up to $33.3 million plus revenue share.
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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 Scott Phillips.