After last week's disappointing performance, the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back strongly and at lunch is up 0.8% to 5,884 points.
Four shares which have made notably strong gains today are listed below. Here's why they have started the week strongly:
The Bellamy's Australia Ltd (ASX: BAL) share price has surged 4% to $5.81 despite there being no significant news out of the infant formula company. This now means that Bellamy's shares have climbed a remarkable 32% since this time last month.
The Cynata Therapeutics Ltd (ASX: CYP) share price has rocketed 16% to 51 cents after a research note out of Shaws and Partners revealed that its analysts have slapped a buy rating and $1.20 price target on this exciting stem cell and regenerative medicine company. I said previously, I think Cynata is a very promising company and worth taking a closer look at.
The Cann Group Ltd (ASX: CAN) share price has continued to climb higher, this time by 7.5% to $71.5 cents. Since it hit the bourse last week, investors have been fighting to get a slice of this pot stock. So much so that it has driven its share price higher by almost 140% from its 30 cents listing price. Whilst it is too soon for an investment for myself, I do think it is one to watch considering its experienced and connected board.
The Fortescue Metals Group Limited (ASX: FMG) share price has rebounded from recent declines with a 4% gain to $5.01. The iron ore producer's shares have fallen sharply recently following a sudden drop in iron ore prices. Despite today's gain its shares are still down 14% year-to-date. I expect further pressure on prices later this year due to increased supply, which could weigh heavily on Fortescue's share price. Because of this I think the miner is best avoided for the time being.
