The market may have dropped lower on Monday, but that hasn't stopped some shares from charging higher.
Some have even managed to climb to multi-year highs today. Three that achieved this milestone are listed below. Here's why they are on a high:
The Althea Group Holdings Ltd (ASX: AGH) share price hit an all-time high of 88 cents this morning. Earlier this month the cannabis company's shares raced higher after the release of two promising announcements. The first was that Agriculture Victoria has granted it an Authority for Low-THC Cannabis (Hemp Cultivation Licence) for commercial purposes relating to non-therapeutic use. In addition to this, Althea revealed that it has entered into an exclusive agreement with Australia's leading tissue culture laboratory, Tissue Culture Australia, which will see the two parties working together to develop proprietary tissue culture protocols for cannabis plants. Management believes there is a gap in the market for a supplier of high quality, pathogen free hemp plants derived from tissue culture.
The Cleanaway Waste Management Ltd (ASX: CWY) share price has continued its impressive run and hit a new multi-year high of $2.40. The waste management company's shares have been on fire this year following the release of another strong half year result in February. During the first half Cleanaway posted a 46.4% increase in gross revenue to $1,149.7 million and a 52.6% lift in underlying net profit after tax to $67 million. This was driven by a combination of organic growth and the benefits of the Tox Free acquisition. Looking ahead, management is confident of more of the same. It said: "Positive earnings momentum is expected to continue for the remainder of the year via organic growth and further realisation of synergies."
The Nanosonics Ltd (ASX: NAN) share price raced to an all-time high of $5.28 this afternoon. This latest gain appears to have been driven by a fund manager comparing the infection control specialist to Cochlear Limited (ASX: COH) this weekend. But the biggest driver of its strong share price gain in 2019 has been a solid half year result, the continued growth of its trophon EPR system, and the prospect of a series of new product launches underpinning its sales growth from FY 2020 onwards
