It certainly has been a positive start to the week for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is up 1% to 5,721 points.
Four shares that have climbed more than most today are listed below. Here’s why they have started the week with a bang:
The Cann Group Ltd (ASX: CAN) share price is up 3.5% to $2.45 after the cannabis company announced that it has secured a Victorian government tender. According to the release, Cann will supply the Victorian Department of Health and Human Services with cannabis plant extract (resin). This cannabis resin will undergo further purification and processing into a Victorian Government medicinal cannabis product, which will be used to expand its compassionate access scheme for children with severe and intractable epilepsy.
The Mayne Pharma Group Ltd (ASX: MYX) share price has climbed 4.5% to $1.10. The catalyst for this gain is likely to be a positive broker note out of Credit Suisse this morning. According to the note, the broker has retained its outperform rating and lifted the price target on Mayne Pharma’s shares to $1.30.
The ResMed Inc (ASX: RMD) share price has continued its positive run and is up a further 3% to $14.68. The sleep treatment company’s shares raced higher on Friday following the release of a strong first quarter result. I think this result demonstrated why ResMed is a great buy and hold option for investors.
The Somnomed Limited (ASX: SOM) share price has rebounded 4.5% to $1.65. Unlike ResMed, this sleep treatment company released a disappointing first quarter result on Friday. Unsurprisingly, this led to its shares being heavily sold off. I suspect that investors believe the selling was overdone and has created a buying opportunity today. However, I would suggest investors stick with ResMed for exposure to the growing market.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended ResMed Inc. 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.