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.