Why Novonix, ResMed, Senex, & Weebit Nano shares are charging higher

These ASX shares are having a better day than most…

| More on:
green arrow representing a rise in the share price

Image source: Getty Images

In morning trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 1% to 7,435.8 points.

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

Novonix Ltd (ASX: NVX)

The Novonix share price has continued its meteoric rise and is up a further 7.5% to $5.83. Investors have been scrambling to buy the battery materials company’s shares this week after it was added to the ASX 300 index at the next quarterly rebalance on 20 September. In addition to this, Novonix continues to benefit from bullish investor sentiment in the battery materials sector.

ResMed CDI (ASX: RMD)

The ResMed share price is up 3% to $40.78. This is despite there being no news out of the sleep treatment focused medical device company. However, the company’s shares have just been added to the illustrious ASX 50 index at the next rebalance. This could mean that ASX 50 index tracking funds and some fund mangers with particular investment mandates have been buying its shares.

Senex Energy Ltd (ASX: SXY)

The Senex share price has risen 3% to $3.31. This morning the energy company announced a gas sales agreement with Australian resources company New Century Resources Limited (ASX: NCZ). According to the release, Senex will be selling New Century 7 petajoules of natural gas over three years.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is surging 39% higher to $3.92. This morning the memory technology company confirmed that it has entered into its first commercial deal. According to the release, the deal is with a subsidiary of Nasdaq-listed semiconductor foundry SkyWater Technology. It is a US Department of Defense accredited pure play technology foundry, specialising in advanced innovation engineering services and volume manufacturing.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

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 recommended ResMed. The Motley Fool Australia has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers