Why Anteotech, Credit Clear, Galaxy, & Mach7 shares are storming higher

Galaxy Resources Limited (ASX:GXY) and Mach7 Technologies Ltd (ASX:M7T) shares are two of four storming notably higher on Monday…

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A young man pointing up looking amazed, indicating a surging share price movement for an ASX company

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It has been a subdued start to the week for the S&P/ASX 200 Index (ASX: XJO). In late morning trade, the benchmark index is down 0.3% to 6,972.1 points.

Four ASX shares that are not letting that hold them back today are listed below. Here’s why they are storming higher:

Anteotech Ltd (ASX: ADO)

The Anteotech share price has jumped 8% to 27 cents. Investors have been buying the surface chemistry company’s shares after it announced the receipt of CE Mark registration for the EuGeni Rapid Test Platform and COVID-19 Antigen Rapid Test. This registration means that the technology conforms with health and safety protection standards for products sold within the European Economic Area and the United Kingdom. As a result, a product launch is expected later this month.

Credit Clear Ltd (ASX: CCR)

The Credit Clear share price is up almost 5% to 76 cents. This morning the debt recovery platform provider announced a new contract win with insurance and banking giant Suncorp Group Ltd (ASX: SUN). In addition, Credit Clear revealed that its unaudited third quarter revenue grew 30% over the second quarter to more than $2.7 million.

Galaxy Resources Limited (ASX: GXY)

The Galaxy share price has charged 7.5% higher to $3.20. This follows the release of an update on its performance during the March quarter. According to the release, the lithium producer’s Mt Cattlin operation successfully ramped back up to nameplate capacity during the quarter. This led to Galaxy reporting quarterly production of 46,588 dry metric tonnes of lithium concentrate, up 39.7% on the previous quarter.

Mach7 Technologies Ltd (ASX: M7T)

The Mach7 share price has jumped over 11% to $1.40 following the release of its third quarter update. According to the release, the enterprise imaging platform provider achieved record quarterly cash receipts of $8.4 million during the quarter. This was almost double its second quarter cash receipts. Furthermore, Mach7 generated $12.84 million (total contract value) of new sales orders for the quarter. This was up from $7.6 million in the second quarter, taking the total year to date figure to $23.58 million.

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James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends MACH7 FPO. The Motley Fool Australia has recommended MACH7 FPO. 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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