It’s been a mad Monday on the ASX as the broader index struggled to mitigate a general sell-off, but the AnteoTech Ltd (ASX: ADO) share price has weathered the storm.
At the market close, the company’s stock is trading flat with its previous closing price of 19.5 cents.
Let’s take a look at what might have buoyed the biotechnology company’s stock today.
A challenging day for some healthcare shares
Some earlier points of Monday’s session looked like a blood bath, with a sea of red sweeping over the major indexes.
The broader ASX market improved this afternoon before dropping again, with the S&P/ASX 200 Index (ASX: XJO) trading down 0.37% at the close. The All Ordinaries Index (ASX: XJO) slumped 0.34%.
Their weak performance was also reflected in the S&P/ASX 200 Health Care Index (ASX: XHJ), which was down 0.68% at today’s close of trade.
The CSL Limited (ASX: CSL) share price was among the leaders of the plunge, sporting a 1.69% drop. Mesoblast Limited (ASX: MSB) and Nanosonics Ltd (ASX: NAN) shares are also in the red. They have fallen 2.98% and 1.9% respectively.
What’s keeping the AnteoTech share price afloat?
Luckily for investors, the AnteoTech share price hasn’t suffered alongside many of its peers.
As my Foolish colleague Bernd reported earlier today, there were a few healthcare heavyweights recording decent gains on Monday.
The AnteoTech share price might have been held steady by an expectation that the new COVID-19 variant, Omicron, could bolster additional demand for the company’s COVID-19 rapid diagnostic tests.
AnteoTech has developed a rapid testing platform that can be used to identify COVID-19. The company has previously signed agreements that will see its rapid diagnostic instruments distributed in Turkey, Cyprus, Greece, and Romania.
Additionally, the testing device was submitted to the Therapeutic Goods Administration in September for approval for use in Australia.
The post Here’s why the AnteoTech (ASX:ADO) share price has withstood today’s sell-off appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended CSL Ltd. and Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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