In late morning trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to record another gain. At the time of writing, the benchmark index is up slightly to 7,514.4 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:
Anteotech Ltd (ASX: ADO)
The Anteotech share price is up 2.5% to 27.2 cents. Investors have been buying this surface chemistry company’s shares this week amid the increased demand for rapid antigen tests. Anteotech is the company behind the EuGeni Reader platform and COVID-19 Rapid Antigen Test.
Bega Cheese Ltd (ASX: BGA)
The Bega Cheese share price is up 4% to $5.54. This is despite there being no news out of the diversified food company. However, as I mentioned here, Bega Cheese was named one of Bell Potter’s top picks for 2022. This may have led to some investors taking advantage of a recent pullback to buy shares.
Humm Group Ltd (ASX: HUM)
The Humm share price has jumped 8% to 96 cents despite there being no news out of the financial services company. However, last week the company revealed that it has received approaches from third parties to acquire all or part of it. No details on the approaches have been provided. However, the Humm Board intends to engage with these potential suitors to determine whether their proposals are capable of becoming definitive offers. Some investors may feel a takeover offer is imminent.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price is up a further 7% to $1.81. Investors have been buying this graphite producer’s shares this week following the release of further details on its deal with Tesla. Syrah revealed that Tesla intends to offtake 8kt per annum of the proposed initial expansion of AAM production capacity at its US-based Vidalia facility. This represents 80% of the initial planned production capacity of 10kt per annum.
The post Why Anteotech, Bega Cheese, Humm, and Syrah shares are racing higher appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of August 16th 2021
More reading
- Why Magnis, Pilbara Minerals, Syrah, and Whispir shares are storming higher
- Syrah (ASX:SYR) share price higher after new Tesla update
- These were the worst performing ASX 200 shares last week
- Is the Bega (ASX:BGA) share price a buy after crashing 10%?
- 5 things to watch on the ASX 200 on Friday
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Humm Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/3JsPNqQ
Leave a Reply