In afternoon trade the S&P/ASX 200 index has given back the majority of its morning gains but is still trading higher. At the time of writing the benchmark index is up 0.1% to 6,868.9 points.
Four shares that are climbing more than most today are listed below. Here's why they are charging higher:
The AusCann Group Holdings Ltd (ASX: AC8) share price is up 5% to 20.5 cents on the day of its annual general meeting. Ahead of the event AusCann released its presentation to the market. Management paints a bright future for the local medicinal cannabis market. Estimating that it will be worth over $1 billion by 2023.
The NRW Holdings Limited (ASX: NRW) share price is up almost 7% to $3.02. The mining services company's shares have surged higher after returning from a trading halt. NRW shares were halted whilst it undertook a capital raising to fund the acquisition of BGC Contracting for an equity value of $116.4 million and an implied enterprise value of $310 million. NRW raised $120 million at $2.85 per share.
The Select Harvests Limited (ASX: SHV) share price has jumped almost 7% to $7.73 following the release of its full year results. During the 12 months Select Harvests delivered EBITDA of $95.2 million and a net profit after tax of $53 million. This compares to EBITDA of $51.7 million and NPAT of $20.4 million in FY 2018. This strong performance was driven by a combination of crop growth and an increase in almond prices.
The Virgin Money UK PLC (ASX: VUK) share price has rocketed 23% higher to $3.31. This follows the release of its full year results after the market close on Thursday. Although Virgin Money reported a 7% decline in underlying profit to £539 million, investors appear to have been expecting worse from the UK-based bank. Also supporting its shares today was a broker note out of Macquarie. It has retained its outperform rating and lifted its price target to $3.70.
