Why Medlab, Metcash, SKY and Space Global, and WiseTech shares charged higher today

The Metcash Limited (ASX:MTS) share price and the WiseTech Global Ltd (ASX:WTC) share price are two of four charging higher on Tuesday. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has dropped lower and given back most of yesterday's gains. At the time of writing the benchmark index is down 0.25% to 6,201.5 points.

Four shares that have not let that hold them back today are listed below. Here's why they have charged higher:

The Medlab Clinical Ltd (ASX: MDC) share price has zoomed over 11% higher to 39.5 cents after the medical life sciences company announced an agreement with Canadian pharmaceutical company, Pharmascience Inc, for the further development and global distribution of NanaBis. This product is a highly purified CBD/THC proprietary blend using the company's patented sub-micron delivery platform, NanoCelle. It is currently in the second stage of an Australian advanced cancer pain trial.

The Metcash Limited (ASX: MTS) share price has charged 6% higher to $2.83 a day after the release of its strategy and trading update. One broker that appears to have liked what it saw was Morgan Stanley. According to a note out of the investment bank, its analysts have retained their overweight rating and $3.40 price target on Metcash's shares.

The SKY and Space Global Ltd (ASX: SAS) share price has climbed 3.5% higher to 3 cents after the nanosatellite company announced a trial agreement with MTN Nigeria. Under the agreement, the two parties will examine the potential for collaborative projects using advanced Internet of Things and narrow band applications in several fields for application in the growing African market. MTN Nigeria is a leading mobile telecommunications provider serving over 52 million subscribers.

The WiseTech Global Ltd (ASX: WTC) share price has pushed 2.5% higher to $20.65 despite there being no news out of the logistics platform provider. A number of the most popular tech shares on the ASX have inexplicably climbed higher today despite the overall market and the rest of the tech sector sinking into the red.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. 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.

More on Share Gainers

A man looking at his laptop and thinking.
Share Gainers

Should I buy Nvidia stock as an Australian investor?

Many Aussies are thinking of jumping on the bandwagon, but they need to think about these issues first.

Read more »

A woman sits in a cafe wearing a polka dotted shirt and holding a latte in one hand while reading something on a laptop that is sitting on the table in front of her
Share Gainers

Here are the top 10 ASX 200 shares today

It was a rough day for ASX 200 investors this Wednesday.

Read more »

A woman's hair is blown back and her face is in shock at this big news.
Share Gainers

Why APM, DroneShield, EOS, and NextDC shares are charging higher

These ASX shares are having a strong session on Wednesday. But why?

Read more »

A happy businessman pointing up, inidicating a rise in share price
Materials Shares

Why are ASX lithium shares like Liontown having such a bumper session today?

Lithium shares are defying the broader market on Wednesday.

Read more »

Man with rocket wings which have flames coming out of them.
Share Gainers

This ASX All Ords stock just surged 88% in less than 3 days! Any guesses?

The ASX All Ords stock is drawing intense buying interest from investors this week.

Read more »

A little girl with red hair runs excitedly with a rocket strapped to her back, trying to launch.
Share Gainers

This small-cap ASX stock just rocketed 39%. What's doing?

A stock no one has heard of is lighting up trading screens on Wednesday. You might hear this name more…

Read more »

A man eases back onto his sofa, happy with the relaxed vibe from his furniture.
Share Gainers

If you'd put $30,000 in this ASX retail stock 11 months ago, you'd have $116,000 now

When battered stocks make a comeback, it happens very quickly. Here's a prime example.

Read more »

Ordinary Australians waiting at the bus stop using their phones to trade ASX 200 shares today
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX 200 somehow managed to snatch a gain this Tuesday.

Read more »