Why Electro Optic Systems, Mayne Pharma, Tyro, & WAM Leaders are racing higher

Electro Optic Systems Hldg Ltd (ASX:EOS) and Tyro Payments Ltd (ASX:TYR) shares are two of four racing notably higher on Monday…

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man jumps up a chart, indicating share price going up on the ASX bank dividend

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of European markets and dropped lower. At the time of writing the benchmark index is down 0.35% to 6,036.8 points.

Four shares that have not let that hold them back are listed below. Here’s why they are racing higher:

The Electro Optic Systems Hldg Ltd (ASX: EOS) share price has rocketed 22% higher to $6.52. This follows an announcement by the defence-focused technology company that it has entered into contract negotiations with the Commonwealth of Australia for the acquisition of 251 Remote Weapon Stations and related materiel. This is part of the government’s $270 billion capability upgrade for the Australian Defence Force.

The Mayne Pharma Group Ltd (ASX: MYX) share price is up 6.5% to 43.7 cents. This morning the pharmaceutical company announced that it has entered into a long-term supply agreement with Novast Laboratories for 13 U.S. generic oral contraceptive products. This includes five new products not previously marketed by the company. The annual U.S. market sales for the five additional products are estimated to be US$500 million.

The Tyro Payments Ltd (ASX: TYR) share price is up 5.5% to $3.83. This follows the release of the payments company’s weekly update this morning. Tyro’s update revealed that transaction value month-to-date to 3 July was up 15% on the prior corresponding period (on a same day basis) to $198 million. This appears to demonstrate that the worst is now behind the company.

The WAM Leaders Ltd (ASX: WLE) share price is up 3% to $1.11. Investors have been buying this fund manager’s shares after the release of a portfolio update this morning. WAM Leaders delivered a 10.4% investment outperformance in FY 2020. For the 12 months, it recorded a 2.7% gain, compared to a 7.7% decline by the ASX 200. This has allowed the company to increase its full year dividend by 15% to 6.5 cents share.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Electro Optic Systems Holdings Limited and Tyro Payments. The Motley Fool Australia has recommended Electro Optic Systems Holdings Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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