In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to continue its poor run with another decline. At the time of writing the benchmark index is down 0.25% to 6,149.9 points.
Four shares that have not let that hold them back today are listed below. Here’s why they have stormed higher:
The Cann Group Ltd (ASX: CAN) share price has jumped 9% to $2.19. The cannabis company’s shares have been strong performers this week after announcing an agreement to purchase a site located within the Mildura region for $10.75 million. The company plans to construct a state-of-the-art greenhouse on the site which will have a production capacity of up to 50,000 kilograms of dry flower per annum.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price has bounced back from a selloff on Wednesday and is up 4% to $27.39. The biopharmaceutical company’s shares fell as much as 26% yesterday despite there being no news out of it. A large number of shares were sold, but at this stage it is unclear who was doing the selling.
The Nufarm Limited (ASX: NUF) share price has rebounded 6% higher to $4.48. On Wednesday the crop protection and specialist seed company’s shares were hammered after the release of its half year results. Due to tough conditions in Australia, the company suspended its dividend and cut it full year guidance. This morning analysts at Morgans upgraded its shares to an add rating with a $6.30 price target. Although its result was far worse than expected, it sees the share price weakness as a buying opportunity.
The Ramelius Resources Limited (ASX: RMS) share price has jumped 7% higher to 84.5 cents. Investors have been buying Australian gold miners today after the spot gold price pushed higher overnight. The precious metal price climbed higher after the U.S. Federal Reserve announced that it would not increase rates any further in 2019. The S&P/ASX All Ords Gold index is up 1.3% at the time of writing.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.