Why Medlab, Metcash, SKY and Space Global, and WiseTech shares charged higher today

The Metcash Limited (ASX:MTS) share price and the WiseTech Global Ltd (ASX:WTC) share price are two of four charging higher on Tuesday. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has dropped lower and given back most of yesterday's gains. At the time of writing the benchmark index is down 0.25% to 6,201.5 points.

Four shares that have not let that hold them back today are listed below. Here's why they have charged higher:

The Medlab Clinical Ltd (ASX: MDC) share price has zoomed over 11% higher to 39.5 cents after the medical life sciences company announced an agreement with Canadian pharmaceutical company, Pharmascience Inc, for the further development and global distribution of NanaBis. This product is a highly purified CBD/THC proprietary blend using the company's patented sub-micron delivery platform, NanoCelle. It is currently in the second stage of an Australian advanced cancer pain trial.

The Metcash Limited (ASX: MTS) share price has charged 6% higher to $2.83 a day after the release of its strategy and trading update. One broker that appears to have liked what it saw was Morgan Stanley. According to a note out of the investment bank, its analysts have retained their overweight rating and $3.40 price target on Metcash's shares.

The SKY and Space Global Ltd (ASX: SAS) share price has climbed 3.5% higher to 3 cents after the nanosatellite company announced a trial agreement with MTN Nigeria. Under the agreement, the two parties will examine the potential for collaborative projects using advanced Internet of Things and narrow band applications in several fields for application in the growing African market. MTN Nigeria is a leading mobile telecommunications provider serving over 52 million subscribers.

The WiseTech Global Ltd (ASX: WTC) share price has pushed 2.5% higher to $20.65 despite there being no news out of the logistics platform provider. A number of the most popular tech shares on the ASX have inexplicably climbed higher today despite the overall market and the rest of the tech sector sinking into the red.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. 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.

More on Share Gainers

Happy woman working on a laptop.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a pleasant end to the trading week for investors this Friday.

Read more »

A happy investor sits at his desk in front of his laptop and does the mexican wave with his arms to celebrate the returns from his ASX dividend shares
Share Gainers

Why Chrysos, GQG Partners, Macquarie, and Webjet shares are storming higher today

These shares are ending the week on a positive note. But why?

Read more »

A young man sits at his desk working on his laptop with a big smile on his face.
Share Gainers

The top 3 ASX 200 trades since the Liberation Day dip

These companies are up at least 35% in just over a month.

Read more »

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Share Gainers

Boss Energy shares have rocketed 90% in a month. Here's why

The massive rally in Boss Energy shares will be painful to the host of short sellers betting against the uranium…

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors sent the market higher once again today.

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Gold

3 reasons to buy this surging ASX All Ords gold stock today

The ASX All Ords gold stock has doubled investors’ money in 12 months, and this leading expert forecasts more outperformance…

Read more »

Two colleagues at work looking at a tablet and smiling at a rising share price.
Share Gainers

Why Generation Development, Orica, Pro Medicus, and Zip shares are storming higher today

These shares are having a strong session on Thursday. But why?

Read more »

Cropped shot of an attractive young female scientist working on her computer in the laboratory.
Healthcare Shares

Up 114% in a year, why is the Pro Medicus share price leaping higher again on Thursday?

Pro Medicus shares are back in form today and leaping ahead. Here’s why.

Read more »