Why Anteotech, Bega Cheese, Humm, and Syrah shares are racing higher

These ASX shares are having good days…

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In late morning trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to record another gain. At the time of writing, the benchmark index is up slightly to 7,514.4 points.

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

Anteotech Ltd (ASX: ADO)

The Anteotech share price is up 2.5% to 27.2 cents. Investors have been buying this surface chemistry company's shares this week amid the increased demand for rapid antigen tests. Anteotech is the company behind the EuGeni Reader platform and COVID-19 Rapid Antigen Test.

Bega Cheese Ltd (ASX: BGA)

The Bega Cheese share price is up 4% to $5.54. This follows news that Andrew Forrest's Tattarang AgriFood Investments business has been buying shares and has accumulated a 6.61% stake in Bega Cheese. Tattarang was buying shares between 10 November and 29 December. Bell Potter would approve of this purchase. As I mentioned here, the broker recently named it one of its top picks for 2022.

Humm Group Ltd (ASX: HUM)

The Humm share price has jumped 8% to 96 cents despite there being no news out of the financial services company. However, last week the company revealed that it has received approaches from third parties to acquire all or part of it. No details on the approaches have been provided. However, the Humm Board intends to engage with these potential suitors to determine whether their proposals are capable of becoming definitive offers. Some investors may feel a takeover offer is imminent.

Syrah Resources Ltd (ASX: SYR)

The Syrah share price is up a further 7% to $1.81. Investors have been buying this graphite producer's shares this week following the release of further details on its deal with Tesla. Syrah revealed that Tesla intends to offtake 8kt per annum of the proposed initial expansion of AAM production capacity at its US-based Vidalia facility. This represents 80% of the initial planned production capacity of 10kt per annum.

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 Humm 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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