In Case You Missed It: Mega earnings growth for Megaport, graphite hits, and a phase III CBD trial for insomnia

Stockhead’s In-Case-You-Missed-It highlights some strongest performing ASX stocks that might have slipped your notice today. 

It’s a short, sharp update to help frame the trading day by showing some of the biggest movers in percentage terms.

ICYMI Leader Board

Stocks highlighted in green have made market-moving announcements (click headings to sort).

Data centre/Network as a Service (NaaS) platform Megaport Ltd (ASX: MP1) released a short sharp guidance update that it now expects normalised EBITDA to be materially above market consensus of $9m in FY23 and $30m in FY24.

The company’s platform offers an easy way for users to create and manage network connections in the cloud without the need for physical infrastructure.

And the massive growth in cloud adoption is fuelling an ever-increasing dependence on critical communications infrastructure as data traverses between end users and public and private cloud locations.

The company expects to report normalised EBITDA in FY23 in the range of $16m to $18m, and $41m to $46m in FY24.

Tech venture firm Fatfish Group (ASX:FFG) raised $1.3m from an institutional investor at A$0.025/share to build up its fintech business arm.

Avecho Biotech (ASX:AVE) has reached the final stages of preparation for a pivotal Phase III study investigating the efficacy of its proprietary cannabidiol (CBD) soft-gel capsule in the treatment of insomnia.

The company says the trial is a crucial step towards regulatory approval and has been strategically designed to mitigate the placebo effect observed by peers.

And explorer Itech Minerals (ASX:ITM) has returned “outstanding” drill results from the SugarLoaf graphite prospect, including 27m at 7.7% TGC from 8m and 13m at 26.1% TGC from 73m.

A total of 15 out of 17 drill holes hit significant mineralisation over 2.3km, and the company will now commence metallurgical test work with the aim of producing a concentrate precursor to battery anode material. 

At Stockhead we tell it like it is. While Fatfish Group and Itech Minerals are Stockhead advertisers, they did not sponsor this article.