Why AusCann, Codan, Electro Optic Systems, & GTN are racing higher

The AusCann Group Holdings Ltd (ASX:AC8) share price and the Codan Limited (ASX:CDA) share price are two of four racing higher on Wednesday…

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After a shaky start, the S&P/ASX 200 index is pushing higher in afternoon trade. At the time of writing the benchmark index is up 0.2% to 6,861.6 points.

Four shares that are climbing more than most are listed below. Here's why they are racing higher:

The AusCann Group Holdings Ltd (ASX: AC8) share price has rocketed 36% higher to 24.5 cents. This morning the cannabis company released an update on its proprietary cannabinoid-based hardshell capsules. According to the release, AusCann has completed manufacturing and testing of the hard-shell capsules and released them for clinical evaluation. AusCann is now aiming to have them available for patients in Australia during the first half of calendar year 2020.

The Codan Limited (ASX: CDA) share price has jumped 9% to $7.42. This morning the technology company revealed that it has continued to perform strongly since its annual general meeting in October. This has led to Metal Detection and Communications sales exceeding its expectations. In light of this, the Codan board now expects its underlying net profit after tax for the six months to December 31 to be in the order of $30 million. This compares to its previous guidance for an underlying net profit after tax of around $26 million for the first half.

The Electro Optic Systems Hldg Ltd (ASX: EOS) share price is up 4% to $7.29.  This follows the announcement of a new contract win by the Aerospace and Defence Markets-focused technology company this morning. According to the release, Electro Optic Systems has executed a contract with the Department of Defence for the supply of Remote Weapon Systems to the Land 400 Phase 2 Combat Reconnaissance Vehicle project. The contract is valued at A$49 million.

The GTN Ltd (ASX: GTN) share price has surged 8% higher to 71.7 cents. The advertising platform provider's shares have taken off following the release of a trading update this morning. GTN revealed that it expects group revenue to be in the range of $94 million to $95 million in the first half. This compares to $94.4 million for the prior corresponding period. Management revealed that its revenue has been stronger during the second quarter of FY 2020.

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 Electro Optic Systems Holdings Limited. 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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