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Why these 4 ASX shares stormed higher today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to snap its losing streak and is 0.1% higher at 6,203.6 points.

Four shares which have climbed more than most today are listed below. Here’s why they have stormed higher:

The AVZ Minerals Ltd (ASX: AVZ) share price has continued its recovery and is up a further 15% to 11.5 cents. The lithium focused mineral exploration company’s shares have been on a tear since it revealed it has appointed someone to conduct a scoping study at its Manono lithium project in the Democratic Republic of Congo. I intend to stay away from AVZ Minerals as I’m not convinced that the project is viable.

The Cann Group Ltd (ASX: CAN) share price is up a further 8% to $3.24. Cann Group’s shares have been on fire this week after it announced the signing of an agreement for the lease and build of its Stage 3 cultivation and GMP manufacturing facility near Melbourne Airport. According to the release, the total business case investment is estimated to be circa $100 million, which the cannabis company will use a combination of debt and equity to fund.

The NIB Holdings Limited (ASX: NHF) share price has stormed almost 7% higher to $5.87 after being the subject of a positive broker note. The private health insurer was upgraded to a buy rating from neutral by Deutsche Bank today with a price target of $6.55. The broker suspects that it could be benefitting from lower claims following recent trading updates in the hospital industry.

The Pro Medicus Limited (ASX: PME) share price has rocketed 13.5% higher to $8.03 after announcing a deal with Mercy Health for its Visage 7 technology. Mercy will standardise Visage 7 Open Archive across its diagnostic imaging business in a deal which is expected to be worth $15 million to Pro Medicus over a seven-year period. Management also advised that it is a transaction-based model with potential upside.

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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 and has recommended PRO Medicus Ltd. The Motley Fool Australia has recommended NIB Holdings 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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