In late morning trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the year in a disappointing fashion. At time of writing, the benchmark index is down 0.4% to 7,483.5 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:
Bega Cheese Ltd (ASX: BGA)
The Bega Cheese share price has continued its rise and is up a further 3% to $5.65. Investors have been buying this diversified food company’s shares this week after Andrew Forrest’s Tattarang AgriFood Investments business became a substantial shareholder. Tattarang’s substantial shareholder notice revealed that it was buying shares between 10 November and 29 December, building up a 6.61% stake.
Magnis Energy Technologies Ltd (ASX: MNS)
The Magnis share price has jumped 10% to 57 cents. This morning the battery technology company announced very promising results from its Extra Fast Charging (EFC) battery program. These results demonstrate potentially significant improvements on the current batteries being used by electric vehicles.
Mesoblast limited (ASX: MSB)
The Mesoblast share price is up 4.5% to $1.42. This morning the biotech revealed that it has met with the US Food and Drug Administration’s (FDA) Office of Tissues and Advanced Therapies (OTAT). This was to address potency assay and chemistry, manufacturing and controls (CMC) items identified in the complete response letter for remestemcel-L in the treatment of steroid-refractory acute graft versus host disease in children. The OTAT indicated that Mesoblast’s approach to address the outstanding CMC items is reasonable.
Neometals Ltd (ASX: NMT)
The Neometals share price has surged 13% higher to $1.36. This morning Neometals revealed that its Primobius joint venture has executed binding option and licensing agreements with Stelco. It is a Toronto Stock Exchange listed steelmaking company. The agreement will see Stelco aim to commercialise Primobius’ electric vehicle battery recycling technology into North America, the fastest growing lithium battery production region.