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.
