Why A2 Milk, Airtasker, BetMakers, & Sydney Airport shares are storming higher

These ASX shares have started the week strongly…

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The S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a slightly positive note. In early afternoon trade, the benchmark index is up 0.1% to 7,316.1 points.

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

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is up over 3% to $6.73. This follows news that the New Zealand Overseas Investment Office has issued its consent to the company’s proposed acquisition of a 75% interest in Mataura Valley Milk. Management expects the acquisition of the dairy nutrition business to provide A2 Milk with the opportunity to participate in nutritional products manufacturing and give it supplier and geographic diversification. It also expects the deal to strengthen its relationship with key partners in China.

Airtasker Ltd (ASX: ART)

The Airtasker share price is up 4% to $1.16. Investors have been buying the shares of the online marketplace for local services after it released a guidance update. According to the release, Airtasker achieved Gross Marketplace Volume (GMV) of $39.4 million in the fourth quarter. This represents a 39.1% increase compared to the prior corresponding period. In light of this strong quarterly performance, management expects to report GMV of $153.1 million for the full year. This exceeds both its prospectus forecast of $143.7 million and April’s upgraded guidance of $148 million to $152 million.

BetMakers Technology Group Ltd (ASX: BET)

The BetMakers share price has jumped 5% to $1.10. This follows news that Tabcorp Holdings Limited (ASX: TAH) intends to demerge its lotteries and Keno business. This will see two separate ASX-listed companies – Tabcorp and Lotteries & KenoCo. The former will retain its wagering, media, and gaming services businesses. The BetMakers share price had come under significant pressure since announcing a takeover offer for Tabcorp’s wagering and media assets. Investors appear relieved the deal will no longer go ahead.

Sydney Airport Holdings Pty Ltd (ASX: SYD)

The Sydney Airport share price has rocketed 30% higher to $7.55. Investors have been scrambling to buy the airport operator’s shares after it received an $8.25 cash per share takeover offer from a consortium of infrastructure investors. This represents a 42% premium to its last close price. Sydney Airport is assessing the offer but notes that it has been made during a global pandemic, which has deeply affected the aviation industry and the Sydney Airport share price.

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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 Betmakers Technology Group Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Airtasker Limited. The Motley Fool Australia has recommended A2 Milk and Betmakers Technology 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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