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Why AusCann, Bubs, Emeco, & Monadelphous shares are pushing higher

In afternoon trade the S&P/ASX 200 index is on course to finish the day in the red. At the time of writing the benchmark index is down 0.2% to 7,110.4 points.

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

The AusCann Group Holdings Ltd (ASX: AC8) share price has jumped 11% to 30 cents. Investors have been buying the cannabis company’s shares after it announced that it has completed the manufacturing and testing of its proprietary low-dose cannabinoid-based hard-shell capsules. It is aiming to have these capsules ready for physicians to prescribe in Australia during the first half of 2020.

The Bubs Australia Ltd (ASX: BUB) share price has surged 13% higher to 79.2 cents. This morning the infant formula and baby products company announced that certain Woolworths Group Ltd (ASX: WOW) supermarkets would be stocking its full range of eight infant formula products. The new agreement will have the effect of more than doubling its shelf space exposure and retail points of distribution across the Australian grocery retail sector.

The Emeco Holdings Limited (ASX: EHL) share price has risen 7% to $2.25. This follows the release of the equipment rental company’s half year results. For the first half of FY 2020, Emeco reported a 33% increase in operating NPAT to $42.1 million. Management appears positive on the second half. Stating: “We are excited by the significant opportunities to further grow our evolving business in 2H20 and beyond.”

The Monadelphous Group Limited (ASX: MND) share price has climbed 4.5% to $17.11. This morning the engineering company released its half year results and revealed a net profit after tax of $28.5 million. Whilst this was down 7.4% on the prior corresponding period, it was in line with expectations. Looking ahead, management said: “Favourable market conditions over coming years are expected to provide a solid pipeline of opportunities within the resources and energy sectors.”

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BUBS AUST FPO. 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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