Why Creso, EML, Immutep, & Western Areas shares are storming higher

Creso Pharma Ltd (ASX:CPH) and EML Payments Ltd (ASX:EML) shares are two of four storming notably higher on Thursday. Here’s why…

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on form again and charging higher. At the time of writing, the benchmark index is up 1.1% to 7,006.3 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are on form:

Creso Pharma Ltd (ASX: CPH)

The Creso share price is up 5% to 20.5 cents. This morning the cannabis company released an update on its Canadian subsidiary, Mernova Medicinal. According to the release, Mernova Medicinal has secured new purchase orders valued at C$145,192 (A$150,770) from the Ontario Cannabis Store and Yukon Liquor Corporation. Positively, management notes that demand for its offering is growing and appears confident more orders are coming.

EML Payments Ltd (ASX: EML)

The EML share price has continued its rise and is up a further 4% to $5.64. Investors have been fighting to get hold of the payments company’s shares since the announcement of its acquisition of Sentenial Limited for up to 110 million euros on Wednesday. One broker that is a fan of the move is Macquarie. This morning the broker retained its outperform rating and lifted its price target on the company’s shares to $6.20.

Immutep Ltd (ASX: IMM)

The Immutep share price has jumped 10% to 48.5 cents. The catalyst for this was news that the biotechnology company has received Fast Track designation from the United States Food and Drug Administration (FDA) for its lead product candidate, eftilagimod alpha. The company is aiming to treat first line recurrent or metastatic head and neck squamous cell carcinoma (HNSCC).

Western Areas Ltd (ASX: WSA)

The Western Areas share price has stormed almost 5% higher to $2.23. This follows the release of the nickel producer’s quarterly update this morning. That update reveals that Western Areas delivered a significant improvement in the performance of its Forrestania operations in Western Australia. The company mined 4,236 Ni tonnes, which represents a 20% quarter on quarter increase in nickel in concentrate production.

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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 and recommends EML Payments. The Motley Fool Australia has recommended EML Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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