These ASX shares have started the week strongly…
The post Why Atomo, Metcash, Temple & Webster, & Woolworths are pushing higher appeared first on The Motley Fool Australia. –
In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. At the time of writing, the benchmark index is down 0.1% to 7,301.9 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:
Atomo Diagnostics Ltd (ASX: AT1)
The Atomo Diagnostics share price has rocketed 41% to 19 cents. This morning the medical device company announced that its partner, Access Bio, has received Emergency Use Authorisation from the U.S. Food and Drug Administration (FDA) for point-of-care use of its CareStart EZ COVID-19 test. CareStart EZ COVID-19 is a rapid antibody test made by combining an integrated device developed by Atomo and a rapid COVID-19 antibody test strip from Access Bio.
Metcash Limited (ASX: MTS)
The Metcash share price is up 1.5% to $3.74. This morning the wholesale distributor released its full year results and reported a 9.9% increase in revenue to $14.3 billion. Things were even better on the bottom line thanks to margin expansion, with the company delivering a 27.1% jump in underlying profit after tax to $252.7 million. This allowed Metcash to declare a full year fully franked 17.5 cents per share dividend, up 40% on the prior corresponding period. The company also announced a $175 million share buyback.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price has jumped almost 9% to $11.36. Investors have been buying the shares of online retailers today in response to the Sydney lockdown and concerns that COVID-19 could be spreading into other states.
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price is up almost 3% to $37.77. This gain appears to have been driven by a number of factors. This includes panic buying because of COVID-19 and a broker note out of Macquarie. In respect to the latter, although the broker has only retained its neutral rating, its price target of $38.40 was notably higher than where its shares were last trading. This new price target takes into account the Endeavour demerger.
The post Why Atomo, Metcash, Temple & Webster, & Woolworths are pushing higher appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of May 24th 2021
Atomo Diagnostics (ASX:AT1) share price rockets 59% on COVID-19 test update
Metcash (ASX:MTS) share price charges higher after reporting FY 2021 profit surge
ASX 200 Weekly Wrap: Share market breaks 5 week winning streak
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. owns shares of and has recommended Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.