Australia Markets closed

Why AusCann, NRW, Select Harvests, & Virgin Money shares are charging higher

James Mickleboro
invest chart up

In afternoon trade the S&P/ASX 200 index has given back the majority of its morning gains but is still trading higher. At the time of writing the benchmark index is up 0.1% to 6,868.9 points.

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

The AusCann Group Holdings Ltd (ASX: AC8) share price is up 5% to 20.5 cents on the day of its annual general meeting. Ahead of the event AusCann released its presentation to the market. Management paints a bright future for the local medicinal cannabis market. Estimating that it will be worth over $1 billion by 2023.

The NRW Holdings Limited (ASX: NRW) share price is up almost 7% to $3.02. The mining services company’s shares have surged higher after returning from a trading halt. NRW shares were halted whilst it undertook a capital raising to fund the acquisition of BGC Contracting for an equity value of $116.4 million and an implied enterprise value of $310 million. NRW raised $120 million at $2.85 per share.

The Select Harvests Limited (ASX: SHV) share price has jumped almost 7% to $7.73 following the release of its full year results. During the 12 months Select Harvests delivered EBITDA of $95.2 million and a net profit after tax of $53 million. This compares to EBITDA of $51.7 million and NPAT of $20.4 million in FY 2018. This strong performance was driven by a combination of crop growth and an increase in almond prices.

The Virgin Money UK PLC (ASX: VUK) share price has rocketed 23% higher to $3.31. This follows the release of its full year results after the market close on Thursday. Although Virgin Money reported a 7% decline in underlying profit to £539 million, investors appear to have been expecting worse from the UK-based bank. Also supporting its shares today was a broker note out of Macquarie. It has retained its outperform rating and lifted its price target to $3.70.

The post Why AusCann, NRW, Select Harvests, & Virgin Money shares are charging higher appeared first on Motley Fool Australia.

Missed these gains? Then check out these hot stocks that have been tipped as market beaters.

NEW. Five Cheap and Good Stocks to Buy 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 has no position in any of the stocks mentioned. 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