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Why Althea, Bega Cheese, Myer, & Nearmap shares stormed higher today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its strong form and reached a new six-month high on Thursday. In afternoon trade the benchmark index is up 0.35% to 6,268.3 points.

Four shares that have climbed more than most today are listed below. Here’s why they stormed higher:

The Althea Group Holdings Ltd (ASX: AGH) share price is up 5.5% to 37.5 cents following the release of an investor update. According to the release, the medicinal cannabis company has experienced strong patient and prescriber growth in Australia. As a result, second half sales have “shown significant growth”. In the first half revenue on the sale of cannabis products in Australia came to $174,000.

The Bega Cheese Ltd (ASX: BGA) share price has bounced back from its recent declines and is up 3.5% to $4.70 today. The diversified food company’s shares have come under significant pressure since the release of its half year results. This led to them hitting a multi-year low on Wednesday. Some investors appear to believe the selling has been overdone and created a buying opportunity.

The Myer Holdings Ltd (ASX: MYR) share price has pushed a further 3% higher to 47 cents. The department store operator’s shares have rallied strongly since the release its half year results yesterday. In the first half of FY 2019 Myer posted a 2.8% decline in sales to $1,671.4 million, but a 3.1% increase in profit after tax to $41.2 million. Myer’s online business was a key driver of its growth, delivering an 18.6% increase in sales to $151.2 million.

The Nearmap Ltd (ASX: NEA) share price has zoomed 4% higher to $2.81. At one stage today the geospatial map technology company’s shares were trading at an all-time high of $2.88 despite news that two of its directors had offloaded shares through on-market trades this week. Nearmap’s shares are up 200% in the last 12 months.

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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 and has recommended Nearmap Ltd. 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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