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Why Althea, Appen, Challenger, & De Grey Mining are surging higher

James Mickleboro
ASX shares higher

The S&P/ASX 200 index is on course to record a strong gain on Tuesday. In afternoon trade the benchmark index is up 0.7% to 7,062.9 points.

Four shares that are climbing more than most today are listed below. Here’s why they are surging higher:

The Althea Group Holdings Ltd (ASX: AGH) share price is up 4% to 39 cents. Investors have been buying the cannabis company’s shares in response to an update on its prescription growth in January. According to the release, Althea added 572 new patients in January. This means that a total of 4,590 Australian patients had been prescribed Althea’s medicinal cannabis products by 459 Healthcare Professionals at the end of the month.

The Appen Ltd (ASX: APX) share price is up over 3% to $26.45 despite there being no news out of the machine learning company. However, a number of tech shares are pushing notably higher on Tuesday after a strong night of trade on the technology-focused Nasdaq index. So much so, in afternoon trade the S&P/ASX 200 Information Technology index is up an impressive 1.6%.

The Challenger Ltd (ASX: CGF) share price has surged a massive 11.5% higher to $9.89. Investors have been fighting to get hold of the annuities company’s shares following the release of its half year results. Although Challenger reported a 4% decline in normalised net profit after tax to $191 million, it advised that it is on track to achieve the top end of its FY 2020 normalised net profit before tax guidance range of $500 million to $550 million.

The De Grey Mining Limited (ASX: DEG) share price has jumped almost 10% higher to 17 cents. This follows the release of another drilling update from its newly discovered Hemi Prospect. According to the release, further impressive thick and high grade gold was intersected during drilling activities. This could mean De Grey Mining is sitting on top of a potentially lucrative asset.

The post Why Althea, Appen, Challenger, & De Grey Mining are surging higher appeared first on Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger Limited. The Motley Fool Australia owns shares of Appen Ltd. 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.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020