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Why AusCann, BINGO, Challenger, & Collins Foods shares stormed higher today

In afternoon trade the benchmark S&P/ASX 200 index has fought back from a morning in the red and is a fraction higher at 6,127.1 points.

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

The AusCann Group Holdings Ltd (ASX: AC8) share price has climbed 4% higher to 36 cents despite there being no news out of the medicinal cannabis company today. But as I mentioned here yesterday, the AusCann share price had fallen a massive 44% since the start of the year. This may mean that bargain hunters have swooped in today on the belief that its shares have been oversold.

The BINGO Industries Ltd (ASX: BIN) share price has pushed 5% higher to $1.55 after the waste management company announced the completion of its acquisition of Dial a Dump Industries. The company’s shares were also given a boost this morning when Goldman Sachs added BINGO to its conviction buy list. Goldman has a $2.40 price target on the company’s shares, implying potential upside of almost 55% over the next 12 months.

The Challenger Ltd (ASX: CGF) share price has surged almost 8% higher to $7.84 after the annuities company further progressed its strategic relationship with MS&AD Insurance Group Holdings Inc. (MS&AD) to support the company’s strategy for growth in Australia and internationally. MS&AD also advised that it plans to increase its stake in Challenger beyond 15% and seek a spot on the company’s board.

The Collins Foods Ltd (ASX: CKF) share price has risen 3.5% to $7.07 after the KFC and Taco Bell operator was the subject of a positive broker note out of Morgans this morning. According to the note, its analysts have upgraded Collins Foods’ shares to an add rating from hold and increased the price target on them by almost 13% to $7.78.

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Motley Fool contributor James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia owns shares of and has recommended Challenger Limited. The Motley Fool Australia has recommended Collins Foods Limited. 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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