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Why Cann, Next Science, Service Stream, & Village Roadshow are pushing higher

asx shares higher

In afternoon trade the S&P/ASX 200 index is on course to finish the day lower. At the time of writing the benchmark index is down 0.1% to 6,843.6 points.

Four shares that have not let that hold them back today are listed below. Here’s why they are pushing higher:

The Cann Group Ltd (ASX: CAN) share price is up 7% to 45.5 cents. This follows the release of an update on the medicinal cannabis products it is manufacturing with IDT Australia Limited (ASX: IDT). That update reveals that the first commercial medicinal cannabis product from its Australian-based cultivation operations has now been packed by IDT Australia under cGMP conditions. It will now undergo stability testing ahead of release in the first quarter of 2020.

The Next Science Ltd (ASX: NXS) share price has surged 6% higher to $1.85. This morning the medical technology company announced the execution of a five-year exclusive distribution agreement for the sale of its TorrentX Wound Wash in the United States. Next Science has appointed Tennessee based Triad Life Sciences to promote, market, distribute and sell the product for use in wound care for humans. This includes both acute and post-acute settings in the healthcare system.

The Service Stream Limited (ASX: SSM) share price has jumped almost 12% to $2.73. This morning the essential network services company announced that its consortium has won a ten-year contract with Sydney Water Corporation. The contract, which is worth $200 million in total, will see the consortium provide Sydney Water with a “TOTEX” asset management service covering the design, construction, maintenance, and facility management of all treatment and network assets in its Southern Region. Service Stream has a 30% interest in the consortium’s joint venture.

The Village Roadshow Ltd (ASX: VRL) share price has rocketed 18% to $3.78. Investors have been scrambling to buy the entertainment company’s shares after it received a takeover offer. Pacific Equity Partners has made a conditional, non-binding and indicative proposal to acquire 100% of the company by way of a scheme of arrangement at an indicative price of $3.90 per share. The Village Roadshow board is looking over the proposal but warned there is no certainty that an acceptable proposal will eventuate.

Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks now

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Service Stream Limited. 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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