Australia Markets close in 1 hr 25 mins

Why Appen, Caltex, Cann, & IPH shares are storming higher

James Mickleboro
share price higher

In afternoon trade the S&P/ASX 200 index is continuing its positive run and looks set to record another solid gain. At the time of writing the benchmark index is up 0.8% to 6,783 points.

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

The Appen Ltd (ASX: APX) share price is up 2.5% to $24.40. This follows a strong night of trade on Wall Street which saw the technology-focused Nasdaq index race 1.3% higher. Appen isn’t the only tech share pushing higher today. At the time of writing the S&P/ASX 200 Info Tech index is up 0.7%.

The Caltex Australia Limited (ASX: CTX) share price has rocketed 12% higher to $33.41. This follows an announcement out of the fuel retailer confirming the receipt of an unsolicited takeover proposal from Alimentation Couche-Tard. The offer has an indicative cash price of $34.50 cash per share, less any dividends declared by Caltex. The Caltex board is currently considering the offer and notes that it previously rejected a $32.00 per share proposal.

The Cann Group Ltd (ASX: CAN) share price has jumped 18% to 52.5 cents. The cannabis company’s shares have rebounded strongly from a whopping 40% decline on Monday. Investors have been selling Cann’s shares amid concerns over the weaker than expected demand for cannabis products in North America and the oversupply of cannabis dry flower. Cann Group is currently constructing a massive growing facility in Victoria at significant cost. But it remains unclear whether it will be able to offload its supply given current market conditions.

The IPH Ltd (ASX: IPH) share price is up 5% to $8.73. This is despite there being no news out of the intellectual property company on Tuesday. However, IPH’s shares have been on fire since the release of its annual general meeting presentation last week.

The post Why Appen, Caltex, Cann, & IPH shares are storming higher appeared first on Motley Fool Australia.

NEW. Best Growth Shares to Own in 2020….

Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading near a 52-week low all while offering a 2.8% fully franked yield...

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.

CLICK HERE FOR YOUR FREE REPORT!

More reading

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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. 2019