3 ASX 200 shares off to a cracking start to the week

It’s a good day to be invested in these ASX 200 shares.

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The S&P/ASX 200 Index (ASX: XJO) is enjoying a second consecutive day in the green on Monday with the help of these shares.

Right now, the index is recording a 1.26% gain, led by the tech sector. The S&P/ASX 200 Information Technology Index (ASX: XIJ) is up 4.06% right now.

But which stocks ASX 200 are truly outperforming today? Let’s take a look.

3 ASX 200 shares leaping higher on Monday

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is up 9.49% to trade at $4.73 at the time of writing after reaching an intraday high of $4.85. That’s despite no news coming from the company.

In fact, the last peep of price-sensitive news issued by the ASX 200 share was released in February.  

However, there is one event that could go some way to explaining the stock’s gains today.

Its ASX-listed peer Bubs Australia Ltd (ASX: BUB) has penned an agreement with the United States government to provide 1.25 million tins of baby formula in an effort to abate a shortage.

The news may have bolstered hopes of higher demand for A2 Milk’s baby formula products.

Block Inc (ASX: SQ2)

Shares in ASX 200 tech giant Block are also taking off on Monday. Right now, they’re swapping hands for $128.25, 9.52% more than they were at the end of Friday’s session.

Like A2 Milk, there’s been no word from the company to explain the surge. However, the tech-heavy Nasdaq Composite gained 3.33% on Friday amid news inflation in the United States appears to have steadied.

Additionally, the company’s New York listing – Block Inc (NYSE: SQ) – gained 8.52% on Friday.

Novonix Ltd (ASX: NVX)

The final ASX 200 share to be launching upwards on Monday is Novonix. Its share price has lifted 9.65% today to trade at $4.09 at the time of writing.

Once again, there’s no clear reason behind the company’s gains. However, it did tumble 9.25% last week as the company announced a major change to its board.

Additionally, the battery technology and materials share is part of the ASX 200 tech index. In fact, it’s the sector’s best performer today.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended A2 Milk. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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