In afternoon trade the S&P/ASX 200 index is on course to start the week on a disappointing note. At the time of writing the benchmark index is down 0.45% to 6,704.1 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 has rocketed 28% higher to $1.03. Today’s gain is a bit of a mystery given how there’s been no news out of the cannabis company this year. This latest gain means that Cann Group’s shares have now more than doubled in value in the space of a month. Though, it is worth noting that its shares are still down ~60% from their 52-week high.
The Evolution Mining Ltd (ASX: EVN) share price has jumped 6.5% higher to $3.91. The catalyst for this was a strong rise in the gold price amid growing tensions between the United States and Iran. This has led to an increase in demand for safe haven assets like gold. Evolution isn’t the only gold miner pushing higher today. The S&P/ASX All Ords Gold index is up 3.1%.
The National Storage REIT (ASX: NSR) share price has risen 1.5% to $1.93 on the back of no news. However, as National Storage could arguably be classed as a safe haven asset, investors may have been buying its shares along with the gold miners on Monday.
The Santos Ltd (ASX: STO) share price is 2.5% higher at $8.62. This follows a strong rise in oil prices on Friday night due to rising tensions in the Middle East. According to Bloomberg, on Friday night the WTI crude oil price rose 3.1% to US$63.05 a barrel and the Brent crude oil price stormed 3.6% higher to US$68.60 a barrel. The S&P/ASX 200 Energy index is up 1.1% at the time of writing.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended National Storage REIT. 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.