Why AnteoTech, Aristocrat Leisure, BWX, & Xero shares are storming higher

Aristocrat Leisure Limited (ASX:ALL) and Xero Limited (ASX:XRO) shares are two of four storming notably higher on Monday. Here’s why…

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woman throwing arms up in celebration whilst looking at asx share price rise on laptop computer

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In afternoon 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 0.3% to 7,037 points.

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

AnteoTech Ltd (ASX: ADO)

The AnteoTech share price is up over 12% to 33.7 cents. Investors have been buying the biotech company’s shares after it announced the finalisation and signing of a manufacturing contract for its COVID-19 Antigen Rapid Test (ART) with Spain-based contract manufacturer Operon. AnteoTech and Operon have agreed to an exclusivity period of three years, during which Operon has the first right of refusal to manufacture the test to supply the European market.

Aristocrat Leisure Limited (ASX: ALL)

The Aristocrat Leisure share price is up 4% to $38.93. The catalyst for this was the release of a first half update by the gaming technology company. According to the release, Aristocrat Leisure expects to report a 12% increase in normalised NPATA to $412 million for the half. This has been driven by stronger than expected performances from both its Gaming and Digital businesses.

BWX Ltd (ASX: BWX)

The BWX share price is up 2.5% to $4.73. This morning the personal care products company announced an agreement to acquire online retailer Flora & Fauna for up to $30.8 million. Flora & Fauna is a Sydney-based online retailer that is focused on selling vegan, ethical, and sustainable products. The company is forecasting revenue in the range of $16.4 million and $17.1 million in FY 2021.

Xero Limited (ASX: XRO)

The Xero share price is up 6% to $119.05. This gain appears to have been driven by a combination of bargain hunters swooping in following a sharp decline last week and a bullish broker note out of Morgan Stanley. In respect to the latter, the broker has retained its overweight rating but trimmed its price target to $135.00. Morgan Stanley believes the company’s reinvestment plan is the correct strategy to maintain its leadership position and support its 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 Xero. The Motley Fool Australia owns shares of and has recommended BWX 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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