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Why these 4 ASX shares have started the week with a bang

It has been a subdued start to the trading week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down 0.1% to 6,189.6 points.

Four shares that have defied the market and pushed higher today are listed below. Here’s why they are starting the week with a bang:

The Althea Group Holdings Limited (ASX: AGH) share price has had an impressive second day of trade as a listed company and is up almost 19% to 66.5 cents. This means the newly listed medicinal cannabis company’s shares have now risen by 235% from their IPO price of 20 cents per share. Althea counts one of the largest Canadian medicinal cannabis companies, Aphria Inc, as a shareholder. The C$4.6 billion cannabis giant took a cornerstone position in the IPO by subscribing for a further 17 million shares, bringing its total holding in the company up to 25%.

The Asaleo Care Ltd (ASX: AHY) share price is up a sizeable 10% to 76.5 cents despite there being no news out of the personal care products company. However, prior to today Asaleo Care’s shares were trading within a whisker of their 52-week low. This may have led to some bargain hunters swooping in today.

The Scottish Pacific Group Ltd (ASX: SCO) share price has stormed 15% higher to $4.31 after the financial services company revealed that a takeover approach has been made by Asian private equity firm Affinity Equity Partners. Under the terms of the Scheme, Scottish Pacific shareholders will be entitled to receive $4.40 per share in cash, representing a 17.6% premium to the last closing share price of $3.74.

The Tegel Group Holdings Ltd (ASX: TGH) share price has climbed almost 5% to $1.10 after the poultry producer announced that Overseas Investment Office approval for the Bounty Holdings New Zealand acquisition of the company has been granted under the Overseas Investment Act. The $1.23 per share Bounty offer to acquire Tegel has now been declared unconditional.

Top 3 ASX Blue Chips To Buy In 2018

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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.

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