The All Ordinaries index has started 2020 in an exceptionally positive fashion.
The year may be just a touch over four weeks old, but the index has already carved out a gain of 5.8%.
Whilst this is impressive, a number of shares on the index are vastly outperforming it. Here’s why these shares are on fire in 2020:
Cann Group Ltd (ASX: CAN)
The Cann Group share price is the best performer on the All Ordinaries this year with a massive gain of 140%. The catalyst for this gain has been the release of a joint announcement with its manufacturing partner IDT Australia Limited (ASX: IDT). That announcement revealed that GMP extraction activities are underway for the first batches of medicinal cannabis resin. This extracted resin will be used as an Active Pharmaceutical Ingredient in formulation and packaging activities at IDT to produce GMP medicinal cannabis oil products. The next step for Cann Group will be stability testing to support a targeted commercial release in late March of this year. Which means that the cannabis company could be generating revenue in the very near future.
Catapult Group International Ltd (ASX: CAT)
The Catapult share price is up 37% in 2020. Investors have been buying the sports analytics and wearables company’s shares following a series of new contract wins in the United States. One of those was a league-wide deal with Major Rugby League (MLR). MLR has implemented Catapult’s technology for all 12 of its teams starting with the 2020 season. Also signing up were the Cleveland Indians, Toronto Blue Jays, Los Angeles FC, and the New York Red Bulls academy. And down in South America, this month Catapult announced the signing of DIMAYOR, Colombia’s premier football competition. DIMAYOR will implement Catapult for all 36 of its teams across its first and second divisions. This includes both wearable technology and video analysis products.
Orocobre Limited (ASX: ORE)
The Orocobre share price has zoomed 33.6% higher since the start of the year. Investors have been buying Orocobre and the lithium miners in January after a rare spot of positive industry news. Earlier this month a Chilean court blocked plans by industry giant SQM to expand one of its major operations. This is good news for the lithium industry as it has been struggling with an oversupply of the white metal. Also supporting its shares has been optimism over the future of Tesla. A strong quarterly result and positive developments in China have been very supportive of battery material producers.
The post Why these ASX shares are up over 30% already in 2020 appeared first on Motley Fool Australia.
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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 Catapult Group International Ltd. The Motley Fool Australia has recommended Catapult Group International 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