Despite fluctuating a bit during the trading session, the benchmark index S&P/ASX200 managed to finish in the green zone. It ended at 5991.8, up by 0.83 per cent as compared to Tuesday's closure of 5942.3. Moreover, all sectors finished in the green zone except the Materials.
The market gain has added to yesterday's substantial increase of 3.89 per cent. The market is reflecting positive sentiments after Dallas Federal Reserve President Robert Kaplan comment on Monday that the US economy would see a notable historic contraction in the second quarter but will begin to rebound after that. He also emphasised that if consumers and enterprises both will take extra precautions to stop the virus infection from spreading the economic recovery will even be quicker.
The best-performing stocks for today's market are:
- CLINUVEL Pharmaceuticals Limited (ASX:CUV),up by 8.08 per cent and traded at AUD 27.020, and
- a2 Milk Company Limited (ASX:A2M) which was up by 7.788 per cent and traded at AUD 19.100.
The worst-performing stocks for today's market are:
- Pilbara Minerals Limited (ASX: PLS) which traded at AUD 0.265, down by 5.357 per cent and
- Mayne Pharma Group Limited (ASX:MYX)which traded at AUD 0.365, down by 5.195 per cent.
Let's see the graph below to view the top five best and worst-performing stocks today:
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Find out the drivers for the rise in cannabis stock rates Even though the cannabis sector is in its growing phase, Australian cannabis stocks have already started to rise actively due to a hastily increasing patient base, and a legislative landscape that is gradually beginning to liberalise.
Outreach and future of cannabis stocks As countries liberalise regulation for medical and recreational use of cannabis, it is predicted that the industry would grow sharply in upcoming years The global cannabis market stands currently at around $8 billion and it is expected that the hemp derived CBD market to hit approximately $22 billion by 2022.
Key Players in the sector Althea Group Holdings Limited (ASX: AGH) and Cann Group Limited (ASX: CAN) are amongst the top players. Other Australia cannabis market players are- MGC Pharmaceuticals Ltd (ASX: MXC), Elixinol Global Limited (ASX: EXL), THC Global Group Limited (ASX: THC), AusCann Group Holdings Limited (ASX: AC8)