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Why Althea, City Chic, CSL, & Kathmandu shares raced higher today

In afternoon trade the S&P/ASX 200 index is on course to finish the week on a mildly positive note. At the time of writing the benchmark index is up 0.15% to 6,503.1 points.

Four shares that are climbing more than most today are listed below. Here’s why they are ending the week on a high:

The Althea Group Holdings Ltd (ASX: AGH) share price is up over 7% to 66.5 cents. Investors have been buying the cannabis company’s shares following an update on prescription numbers in September. According to the release, Althea saw 462 new patients using its medicinal cannabis products in September. This equates to a rate of 22 patients per business day, which represents the largest number of new patients prescribed Althea medicinal cannabis products in a single month.

The City Chic Collective Ltd (ASX: CCX) share price has jumped 10% to $2.75. Earlier today the retailer revealed that it was the successful bidder for the e-commerce assets of Avenue Stores. The US-based specialty retailer, which targets value-conscious women aged 25 to 55, went bankrupt recently. This allowed City Chic to pick up the assets for US$16.5 million. City Chic’s winning bid is now subject to approval by the US Bankruptcy Court in Delaware on October 7.

The CSL Limited (ASX: CSL) share price is up 2.5% to $234.99. This gain appears to have been driven by a broker note out of Morgan Stanley. According to the note, it has upgraded the biotherapeutics company to an overweight rating and lifted the price target on its shares to $251. It made the move largely on strong immunoglobulins demand, which it feels could lead to it outperforming its guidance this year.

The Kathmandu Holdings Ltd (ASX: KMD) share price has climbed 4% to $2.90. This morning the retailer’s shares returned from a trading halt after it raised NZ$145 million through its institutional entitlement offer and bookbuild. The proceeds will be used to fund the acquisition of Australian global action sports brand Rip Curl for NZ$368 million. This acquisition is expected to support the company’s growth and diversify its operations.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. 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.

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