Why AnteoTech, BlueBet, Flight Centre, & Mosaic Brands are racing higher

Here’s why these ASX shares are racing higher…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.4% to 7,500.6 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are racing higher:

AnteoTech Ltd (ASX: ADO)

The Anteotech share price is up a further 22% to 22 cents. Investors have been buying this surface chemistry company’s shares this week after it announced the signing of a distribution agreement in Turkey with Pera Medikal Anonim Sirketi. This deal is for the distribution of the EuGeni Reader platform and SARS-CoV-2 Antigen Rapid Diagnostic Test (RDT) in the country.

BlueBet Holdings Ltd (ASX: BBT)

The BlueBet share price has rebounded and is up 11% to $2.15. Investors have been buying the sports betting company’s shares after analysts Morgans held firm with their add rating despite BlueBet missing out of a sports betting licence in the US state of Virginia. According to the note, the broker has retained its add rating with a reduced price target of $2.57. While disappointing, the broker remains positive on its prospects in US.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is up over 5% to $18.43. This follows news that the travel agent’s shares have been upgraded by analysts at Credit Suisse this morning. According to the note, the broker has upgraded the company’s shares to an outperform rating with an improved price target of $19.00. Credit Suisse made the move partly in response to the positive progress being made with the vaccine rollout.

Mosaic Brands Ltd (ASX: MOZ)

The Mosaic Brands share price has jumped 14% to 62 cents. This morning the retailer revealed an underwritten $32 million capital raising that will secure its future. Mosaic Brands notes that this will provide the business with additional balance sheet support until COVID-19 related lockdown measures are eased and stores re-open for trade.

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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. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BlueBet Holdings Ltd and Flight Centre Travel Group 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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