Why Atomos, Bendigo and Adelaide Bank, Coca-Cola Amatil, & Nearmap are racing higher

Bendigo and Adelaide Bank Ltd (ASX:BEN) and Nearmap Ltd (ASX:NEA) shares are two of four racing higher on Monday…

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a positive note. At the time of writing, the benchmark index is up 0.9% to 6,868.2 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:

Atomos Ltd (ASX: AMS)

The Atomos share price is up 11% to $1.04 following the release of its half year results. The video technology company reported a small increase in revenue to a record $32.8 million for the half. Pleasingly, this was achieved despite a substantial reduction in marketing expenses, which supported a 19.3% decline in operating expenses. This led to the tripling of its operating earnings to $3 million.

Bendigo and Adelaide Bank Ltd (ASX: BEN)

The Bendigo and Adelaide Bank share price is up 8% to $10.23. This follows the release of the regional bank’s half year results. For the six months ended 31 December, the bank reported total income growth of 3.3% to $849 million and cash earnings after tax growth of 1.9% to $219.7 million. This was driven by growth in its lending portfolios and an increase in hedging revenue, which offset a 7 basis points decline in its net interest margin to 2.30%.

Coca-Cola Amatil Ltd (ASX: CCL)

The Coca-Cola Amatil share price is up 2% to $13.40. Investors have been buying the beverage company’s shares after it revealed that Coca-Cola European Partners PLC (NYSE: CCEP) has increased its takeover offer. According to the release, CCEP has revised its offer from $12.75 per share to $13.50 per share.

Nearmap Ltd (ASX: NEA)

The Nearmap share price has zoomed 12% higher to $2.42. This follows the release of the company’s response to a short seller attack and the release of its half year results. In respect to the former, management refuted every single one of the short seller’s allegations. As for its half year results, Nearmap reported annual contract value (ACV) of $112.2 million on a reported basis and $116.7 million on a constant currency basis. This represents a 16.1% and 21% increase, respectively, over the prior corresponding period. A record performance by the North American business helped drive this growth.

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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 Atomos Ltd and Nearmap Ltd. The Motley Fool Australia has recommended Atomos Ltd and Nearmap Ltd. 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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