Why Anteotech, API, Myer, & Whitehaven Coal shares are charging higher

These ASX shares are on form on Thursday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is storming higher. At the time of writing, the benchmark index is up 0.6% to 7,460 points.

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

Anteotech Ltd (ASX: ADO)

The Anteotech share price is up over 9% to 23 cents. This morning the surface chemistry company announced that it has signed a distribution agreement with Ramma Dental. This is for the distribution of the EuGeni Reader platform and SARS-CoV-2 Antigen Rapid Diagnostic Test in Greece and Cyprus. This follows a similar deal for the Turkey market last week.

Australian Pharmaceutical Industries Ltd (ASX: API)

The Australian Pharmaceutical Industries share price is up over 16% to $1.48. The catalyst for this was Wesfarmers Ltd (ASX: WES) increasing its takeover offer for the pharmacy chain operator and distributor. According to the release, the conglomerate has tabled a $1.55 per share offer. This compares to its previous offer of $1.38 per share, which was rejected by the API board in July. Wesfarmers has been granted due diligence this time.

Myer Holdings Ltd (ASX: MYR)

The Myer share price has jumped 15% to 59 cents following the release of its full year results. For the 12 months ended 31 July, the department store operator reported a 5.5% increase in sales to $2,658.3 million and a net profit of $51.7 million. The latter compares favourably to a loss of $13.4 million in FY 2020. A key driver of its strong form was its online business. It reported a 27.7% increase in online sales to $539.5 million.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is up almost 3% to $3.12. This morning the coal miner announced that plans to extend open-cut operations at its Vickery metallurgical coal project in New South Wales have now been approved. This approval will allow for annual coal extraction to more than double to around 10 million tonnes at the project.

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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 owns shares of and has recommended Wesfarmers 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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