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Why Afterpay, AusCann, Australian Mines, & Iluka shares stormed higher today

In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week on a high. At the time of writing the index is up a solid 0.8% to 5,912.7 points.

Four shares that have climbed more than most today are listed below. Here’s why they are ending the week with a bang:

The Afterpay Touch Group Ltd (ASX: APT) share price has zoomed almost 4.5% higher to $16.27 despite there being no news out of the payments company. However, earlier this week Goldman Sachs retained its buy rating and $19.25 price target on Afterpay’s shares after looking through its recent update. In addition to this, concerns over the Senate inquiry into the buy now, pay later space have started to subside.

The AusCann Group Holdings Ltd (ASX: AC8) share price has risen 3% to 65.5 cents after the medicinal cannabis company announced the completion of the acquisition of an R&D facility in Perth to further develop its cannabinoid pharmaceutical product pipeline. The R&D facility was purchased for $5.25 million, with the company expecting to invest further capital of up to $6 million over time to customise and fit out the site to purpose. The facility is expected to be ready for use during calendar year 2019.

The Australian Mines Limited (ASX: AUZ) share price has stormed 10.5% higher to 4.2 cents after the Queensland Government declared its Sconi Cobalt-Nickel-Scandium Project as a Prescribed Project. Management advised that this will assist in streamlining the project’s progress through the final stages of regulatory approvals and fast-track its future development.

The Iluka Resources Limited (ASX: ILU) share price is up 9% to $8.21 following the release of its final quarter update. In FY 2018 Iluka produced 348,600 tonnes of zircon, an 11.6% increase on 2017. This was a pleasant surprise as the company had previously provided guidance of 330,000 tonnes. In addition to this, management provided its first mineral resource estimate of the rutile mineralisation at the Pejebu Deposit.

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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 AFTERPAY T FPO. 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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