The S&P/ASX 200 Index (ASX: XJO) is on course to record another strong gain on Tuesday. In late morning trade the benchmark index is up 1.4% to 5,695.1 points.
Four shares that are climbing more than most today are listed below. Here’s why they are storming higher:
The Cann Group Ltd (ASX: CAN) share price has jumped 8.5% higher to $1.13. This morning the cannabis company announced that it has executed two new export supply agreements with European and UK partners. This is for the supply of a range of medicinal cannabis formulated oil and dried flower products for sale in Germany, the United Kingdom, and other European Union markets.
The Insurance Australia Group Ltd (ASX: IAG) share price is up over 2% to $5.74. Investors have been buying the insurance giant’s shares after analysts at Credit Suisse upgraded them to an outperform rating with a $6.40 price target. The broker believes its premiums will more than cover claims inflation and that its shares are trading an attractive level.
The Monadelphous Group Limited (ASX: MND) share price has jumped 11.5% higher to $11.79. The catalyst for this strong gain appears to be a broker note out of Citi this morning. Its analysts have upgraded the engineering company’s shares to a buy rating with a $14.35 price target. Citi likes Monadelphous due to its strong balance sheet and decent medium term prospects.
The Webjet Limited (ASX: WEB) share price has rocketed a further 8.5% higher to $4.51. Investors have been buying Webjet and other travel shares on the belieft that tourism markets could recover quicker than anticipated. This follows the easing of restrictions and speculation that a trans-Tasman travel bubble could soon be created. This would be great news for travel bookers like Webjet which are burning through cash right now.
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More reading
- Is it too early to buy Webjet shares?
- ASX 200 jumped higher, rises more than 2%
- These ASX 200 share prices were cut in half. Where are they now?
- Why Flight Centre and Webjet shares are zooming higher today
- ASX 200 up 1.7%: Flight Centre and Webjet rocket, Afterpay hits record high
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet 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.
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