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Why Cann, GBST, Mineral Resources, & ResMed shares stormed higher today

surge in asx share price represented by rocket shooting higher
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The S&P/ASX 200 index has followed the lead of U.S. markets and dropped lower on Friday. At the time of writing the benchmark index is down 0.2% to 6,802.3 points.

Four shares that haven’t let that hold them back are listed below. Here’s why they are ending the week on a high:

The Cann Group Ltd (ASX: CAN) share price has risen 2.5% to $2.26 after announcing that the Federal Department of Health’s Office of Drug Control has approved manufacturing licences for its existing Northern and Southern medicinal cannabis facilities in Melbourne. Cann Group now holds all cultivation, production and manufacture licences under the Narcotics Drugs Act, along with import and export licences under the Customs Act.

The GBST Holdings Limited (ASX: GBT) share price has climbed 5.5% to $3.69. This morning the fintech company revealed that it received a new offer from FNZ Group to acquire it at $4.00 cash per share by way of a scheme of arrangement. In a very strange series of events, the offer was withdrawn a number of times and reduced down to $3.90 per share. But as the offer remained subject to terms which would result in an unacceptable level of risk for the company, the board described it as “incapable of being accepted.”

The Mineral Resources Limited (ASX: MIN) share price has jumped 6.5% to $16.35 after the mining and mining services company released its quarterly update and confirmed that unconditional approval has been obtained from the China State Administration for Market Regulation (SAMR) for the transaction between it and lithium giant Albemarle.

The ResMed Inc. (ASX: RMD) share price has pushed over 6% higher to $16.34 following the release of its fourth quarter and full year update. In the fourth quarter ResMed reported a 13% increase in revenue to US$705 million, leading to the company posting an 11% increase in full year revenue to US$2.6 billion. In constant currency terms, revenue was up 15% for the quarter and 13% for the year. Management also spoke positively about its outlook.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended GBST Holdings Limited and ResMed Inc. 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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