Shares in Incannex Healthcare Ltd (ASX: IHL) roared higher to close the market on Monday.
Incannex shares closed the day up 13.04% to 26 cents apiece.
In comparison, the All Ordinaries (ASX: XAO) finished the day up 0.26%.
Why are Incannex shares smoking out the ASX?
Investors bid up Incannex shares on Monday, despite the medicinal cannabis company not releasing any announcements to the market. However, the S&P Dow Jones Indices updated its quarterly rebalance late on Friday.
As a result, a number of shares were on the move today following their addition or removal from the S&P/ASX Indices.
Incannex shares will be added to the S&P/ASX 300 Index effective prior to the open of trading on 19 September.
The inclusion to the ASX 300 Index provides a much-welcomed boost for the company’s shares.
This is because fund managers must abide by their investing mandate which permits them to only buy shares included in specific indices.
Each index comprises a number of companies that have the largest market capitalisation of that group.
Incannex share price summary
In March 2022, the Incannex share price rocketed to a multi-year high of 75.5 cents before treading downhill.
Fast-forward to August, and its shares hit a 52-week low of 18.5 cents.
This means that when looking at year to date, Incannex shares are down 58.4%.
Based on todayâs price, Incannex is worth approximately $350.42 million and has 1.52 billion shares outstanding.
The post Why the Incannex share price leapt 13% on Monday? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Impression Healthcare Limited right now?
Before you consider Impression Healthcare Limited, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Impression Healthcare Limited wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
See The 5 Stocks
*Returns as of August 4 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Up 35% in a month, is the Incannex share price on the comeback trail?
- Can ASX cannabis shares ever fully recover?
- Why is the Incannex share price spiking 8% on Tuesday?
- ‘World’s largest portfolio’: Why this ASX cannabis share is up 36% in August
Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/jHo5xGF
Leave a Reply