The S&P/ASX 200 index has continued its positive run and is on course to record a strong gain on Thursday. In afternoon trade the benchmark index is up over 0.5% to 6,720.7 points.
Four shares that are climbing more than most today are listed below. Here’s why they have stormed higher:
The Afterpay Touch Group Ltd (ASX: APT) share price has climbed 2.5% to $27.06. This gain appears to have been driven by a positive night of trade on Wall Street. In addition to this, the company’s recent shuffling of its leadership and board appears to have gone down well with the market.
The Aveo Group (ASX: AOG) share price is up 3.5% to $2.01 after the release of a strategic review update this morning. According to the update, the leading owner, operator and manager of retirement communities is in talks with Brookfield Property Group about an indicative proposal. Management has warned that there is no certainty that it will result in an acceptable offer or that a transaction will be implemented.
The Elixinol Global Ltd (ASX: EXL) share price has zoomed almost 7% higher to $3.92 after the manufacturer and global distributor of industrial hemp-based dietary supplement and skincare products announced a new distribution agreement. According to the release, Elixinol Global has signed an exclusive distribution agreement with MedVec International in Germany. This will see MedVec sell Elixinol-branded products and white label products through its existing sales network in the pharmacy and para pharmacy sector.
The Speedcast International Ltd (ASX: SDA) share price has bounced back with a gain of 9% to $1.88. This gain appears to have been driven by bargain hunters swooping in after Speedcast’s shares lost half of their value over the previous two trading days. Investors hit the sell button after the satellite communications company downgraded its guidance. Speedcast expects adjusted calendar year 2019 EBITDA in the region of US$140 million to US$150 million, compared to its prior guidance of $160 million to $171 million.
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.
Here's the best part: we think there's one ASX stock that's uniquely positioned to profit immensely from this explosive new industry... taking savvy investors along for what could be one heck of a ride.
AND, this is the first time The Motley Fool Australia has EVER put a BUY recommendation on a marijuana stock.
Simply click below to learn more on how you can profit from the coming cannabis boom.
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.