In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. At the time of writing, the benchmark index is down 0.1% to 7,301.9 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:
Atomo Diagnostics Ltd (ASX: AT1)
The Atomo Diagnostics share price has rocketed 41% to 19 cents. This morning the medical device company announced that its partner, Access Bio, has received Emergency Use Authorisation from the U.S. Food and Drug Administration (FDA) for point-of-care use of its CareStart EZ COVID-19 test. CareStart EZ COVID-19 is a rapid antibody test made by combining an integrated device developed by Atomo and a rapid COVID-19 antibody test strip from Access Bio.
Metcash Limited (ASX: MTS)
The Metcash share price is up 1.5% to $3.74. This morning the wholesale distributor released its full year results and reported a 9.9% increase in revenue to $14.3 billion. Things were even better on the bottom line thanks to margin expansion, with the company delivering a 27.1% jump in underlying profit after tax to $252.7 million. This allowed Metcash to declare a full year fully franked 17.5 cents per share dividend, up 40% on the prior corresponding period. The company also announced a $175 million share buyback.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price has jumped almost 9% to $11.36. Investors have been buying the shares of online retailers today in response to the Sydney lockdown and concerns that COVID-19 could be spreading into other states.
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price is up almost 3% to $37.77. This gain appears to have been driven by a number of factors. This includes panic buying because of COVID-19 and a broker note out of Macquarie. In respect to the latter, although the broker has only retained its neutral rating, its price target of $38.40 was notably higher than where its shares were last trading. This new price target takes into account the Endeavour demerger.