Why Argosy Minerals, Cann, OZ Minerals, and PointsBet shares are pushing higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.9% to 6,639.3 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:

Argosy Minerals Limited (ASX: AGY)

The Argosy Minerals share price is up almost 7% to 35.2 cents. This morning the lithium developer revealed that the development of its Rincon project in Argentine is both on time and on budget. Argosy expects to be producing the white metal within the next three months.

Cann Group Ltd (ASX: CAN)

The Cann share price is up a massive 26% to 29 cents. Investors have been buying this cannabis company’s shares after it announced the receipt of a GMP licence for its Mildura facility. This allows Cann to produce active pharmaceutical ingredients and hard capsules and conduct GMP-approved activities at its existing chemistry and microbiology laboratories.

OZ Minerals Limited (ASX: OZL)

The OZ Minerals share price is up 1.5% to $18.00. This gain appears to have been driven by a positive broker note out of UBS. Although the broker has downgraded its earnings estimates to reflect OZ Minerals’ recent update, it still sees plenty of value in its shares. As a result, the broker has upgraded the copper producer’s shares to a buy rating with a $23.65 price target.

Pointsbet Holdings Ltd (ASX: PBH)

The PointsBet share price is up 13% to $2.73. This is despite there being no news out of the sports betting company. However, PointsBet shares have been on a bit of a roll recently. This follows news that SIG Sports Investment Corp became its largest shareholder earlier this month via a $94.16 million investment. This has eased concerns that a capital raising will be required in the near future.

The post Why Argosy Minerals, Cann, OZ Minerals, and PointsBet shares are pushing higher appeared first on The Motley Fool Australia.

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More reading

• Why is the PointsBet share price storming 13% higher today?
• Why is the Cann share price smoking out the ASX by 20% today
• ASX 200 midday update: Energy shares drop, PointsBet jumps
• Argosy Minerals share price jumps 10% on lithium update
• What’s behind the weakness in ASX 200 mining shares during June?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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