Why Atomo, Metcash, Temple & Webster, & Woolworths are pushing higher

These ASX shares have started the week strongly…

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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.

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Motley Fool contributor 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 and has recommended Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group 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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