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

The Cann Group Ltd (ASX:CAN) share price and the ResMed Inc. (ASX:RMD) share price are two of four storming higher on Friday…

| More on:
surge in asx share price represented by rocket shooting higher

Image source: Getty Images

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 In a very strange series of events, the offer was withdrawn a number of times and reduced down to $3.90 per share.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.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

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.

More on Share Gainers

a man looks down at his phone with a look of happy surprise on his face as though he is thrilled with good news.
Share Gainers

Why Beach, Jumbo, Premier Investments, and Western Areas are pushing higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another disappointing decline. At the time of …

Read more »

A man in a blue collared shirt sits at his desk doing a single fist pump as he watches his Neometals shares rising on his laptop
Resources Shares

Why is the BHP (ASX:BHP) share price leaping ahead today?

The S&P/ASX 200 Index (ASX: XJO) has unfortunately slipped into negative territory so far this Thursday, after an initially strong market …

Read more »

Businessman in suit and holding a briefcase jumps into the sky celebrating the rising Enero share price
Share Gainers

‘Exclusive provider’: Genworth (ASX:GMA) share price leaps 12% on CBA deal

Key points Genworth is cruising today following a company announcement The company has been selected as the exclusive provider of …

Read more »

A group of people cheer at a blackjack table in a casino
Share Gainers

Why the PointsBet (ASX:PBH) share price is rocketing 9% today

Key points The online gambling market continues to grow West Virginia becomes the third US state to host PointsBet’s online …

Read more »

Rising share price chart.
Share Gainers

Why A2 Milk, Baby Bunting, Codan, and Sezzle shares are surging higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another very disappointing decline. At the time of …

Read more »

Three excited business people cheer around a laptop in the office
Share Gainers

Why Corporate Travel Management, Goodman, Lendlease, and Uniti shares are rising today

The S&P/ASX 200 Index (ASX: XJO) is out of form again on Monday. In afternoon trade, the benchmark index is down 0.5% …

Read more »

A man wearing glasses sits back in his desk chair with his hands behind his head staring smiling at his computer screens as the ASX share prices keep rising
Share Gainers

Why is the Uniti (ASX:UWL) share price up 10% on Monday?

Key points The Uniti share price is trading 10% higher today following its latest update Multiple approaches have been made …

Read more »

A man and woman put hands in the air as they dance in front of a green brick wall.
Share Gainers

These were the best performing ASX 200 shares last week

It certainly was a week to forget for the S&P/ASX 200 Index (ASX: XJO). A major selloff on Friday led to …

Read more »