Why AnteoTech, BrainChip, City Chic, and ResMed shares are charging higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decline. At the …

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decline. At the time of writing, the benchmark index is down 1% to 7,399.7 points.

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

AnteoTech Ltd (ASX: ADO)

The AnteoTech share price is up 18% to 30 cents. Investors have been buying this medical device company’s shares amid reports the company is planning to ramp up production of its rapid antigen test now that the device is in the final stages of TGA approval. Given supply shortages in Australia, this bodes well for the company’s sales in 2022.

BrainChip Holdings Ltd (ASX: BRN)

The BrainChip share price has jumped over 16% to $1.63. This morning the artificial intelligence technology company announced that it has submitted a capital call notice to LDA Capital. It expects to bring in $20 million of funds from the issue of up to 15 million shares. These funds will be used to support its commercialisation strategy.

City Chic Collective Ltd (ASX: CCX)

The City Chic share price has surged 12% higher to $5.01. This follows the release of a trading update by the plus sized fashion retailer. City Chic revealed that it expects to report first half sales growth of 49.8% but flat earnings for the period. However, investors appear to be looking beyond the latter given that it was caused by one-off COVID impacts to margins.

ResMed Inc (ASX: RMD)

The ResMed share price is up 4% to $35.05. This gain may have been driven by news this week that rival Philips is increasing its device recall from 3 to 4 million CPAP devices to over 5 million devices. This bodes well for ResMed and could keep Philips out of the market for longer than first anticipated.

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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 ResMed Inc. 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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