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Why Cann Group, Fortescue, Mesoblast, & Silver Lake shares are storming higher

The S&P/ASX 200 index has followed the lead of U.S. markets and pushed higher on Monday. In afternoon trade the benchmark index is up 0.35% to 7,088.3 points.

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

The Cann Group Ltd (ASX: CAN) share price has rocketed 18% higher to $1.62. The cannabis company’s shares have jumped higher again despite there being no news out of it. However, its shares have been on fire this year thanks to a manufacturing update. That update revealed that the first commercial medicinal cannabis product to be produced from Cann Group’s Australian-based cultivation operations has been packed under cGMP conditions. This means it could be generating revenues in the near future.

The Fortescue Metals Group Limited (ASX: FMG) share price has climbed 3.5% to $11.82. This may be down to a rise in the iron ore price last week. The price of the steel-making ingredient rose by US 50 cents or 0.5% on Friday to US$95.75 a tonne. This means the price of iron ore rose by US$2.50 or 2.7% over the week.

The Mesoblast Limited (ASX: MSB) share price has jumped 8% to $2.74 despite there being no news out of the cellular medicines company. Though, it has made a series of positive announcement over the last 30 days that could be supporting its share price today. The most recent was a positive update on its remestemcel-L candidate in January 2.

The Silver Lake Resources Limited (ASX: SLR) share price has surged over 8% higher to $1.53. Investors have been buying the gold miner’s shares after the release of its December quarterly update. That update revealed record production of 68,519 ounces gold and 691 tonnes copper. This led Silver Lake to upgrade its full year sales guidance and lower its costs guidance.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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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