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

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.

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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 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.

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