3 ASX Stocks that moved up – Sigma Healthcare Ltd, Orocobre Ltd and Zelda Therapeutics Ltd
Ongoing buyback program boosting the stock sentiment:Sigma Healthcare Ltd (ASX: SIG) stock rose over 7.8% on June 02, 2017 while their buy-back program is progressing well. The group’s subsidiary, Discount Drug Stores (DDS) will white label the MedAdvisor platform for its stores Australia-wide. This would add 100 new pharmacies to the MedAdvisor network. On the other hand, the group decided to commence legal proceedings against My Chemist/Chemist Warehouse Group (MC/CW) as MC/CW intends to acquire certain products from an alternate CSO Wholesaler. SIG maintains that under an existing agreement with MC/CW, the latter is not entitled to acquire products from another CSO Wholesaler. If MC/CW acts in accordance with their stated intention, the impact on SIG’s EBIT is expected to be approximately $5m – $10m per annum. Further, the ongoing legal costs will also impact the earnings.
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