In afternoon trade S&P/ASX 200 index has given back its morning gains and is trading largely flat at 6,663.3 points.
Four shares that haven’t let this hold them back are listed below. Here’s why they have charged higher today:
The Althea Group Holdings Ltd (ASX: AGH) share price is up over 7% to $1.08 after the cannabis company announced that it has furthered its relationship with independent scientific committee Drug Science. Althea has been selected from a limited number of medicinal cannabis companies to supply its range of products to the committee’s Project TWENTY21. This is the UK’s first national pilot for medical cannabis which will be officially launched on July 18 and aims to enrol 20,000 patients before the end of 2021.
The Collins Foods Ltd (ASX: CKF) share price is up 2% to $7.82 following the release of its full year results. The quick service restaurant operator reported an underlying net profit of $45 million on revenue of $901.2 million. This was a 15.7% and 16.9% year on year increase, respectively, and driven partly by same store sales growth of 3.7% in Australia.
The Helloworld Travel Ltd (ASX: HLO) share price has risen over 3% to $4.74 after the travel company revealed that its government contract has been extended by a further two years. Helloworld’s QBT business will now provide Travel Management Services for the whole of the Australian Government for a two‐year period from July 1 to June 30 2021. The government has the option to extend it by a further year in 2021.
The St Barbara Ltd (ASX: SBM) share price has stormed 6% higher to $3.09 after the spot gold price rose to a multi-year high overnight. The prospect of the U.S. Federal Reserve cutting rates imminently has been behind the precious metal’s increase. St Barbara isn’t the only gold miner on the rise. The S&P/ASX All Ords Gold index has charged 2% higher this afternoon.
A little-known ASX company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.
And make no mistake – it is coming. To the tune of an estimated $US22 billion.
Cannabis legalisation is sweeping over North America, and full legalisation arrived in Canada in October 2018.
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James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Helloworld Limited. The Motley Fool Australia has recommended Collins Foods Limited and Helloworld 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.