These ASX shares are ending the week on a high…
The post Why Bigtincan, EOS, Evolution, & Western Areas shares are charging higher appeared first on The Motley Fool Australia. –
In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in a subdued manner. At the time of writing, the benchmark index is down slightly to 7,384.2 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:
Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price has jumped 7% to $1.13. Investors have been buying the sales enablement platform provider’s shares following the release of its quarterly update. Bigtincan reported cash receipts for the fourth quarter of $14.7 million. This was a 40% increase on the prior corresponding period. Overall cash receipts for FY 2021 increased 29% year on year to $41.9 million.
Electro Optic Systems Hldg Ltd (ASX: EOS)
The Electro Optic Systems share price has surged 9% higher to $4.53. The catalyst for this was the release of the communications, defence, and space company’s quarterly update. Investors were pleased to see the company record total cash receipts of $65.5 million for the three months. A total of $30 million came from an overseas contract with Diehl Defence. Positively, EOS expects “a further $100 million from this business in H2 2021.”
Evolution Mining Ltd (ASX: EVN)
The Evolution share price is up 5% to $4.28. Investors have been buying the gold miner’s shares following the completion of its $400 million institutional placement. Evolution is raising funds for the acquisition of the Northern Star Resources Ltd (ASX: NST) assets in the Eastern Goldfields of Western Australia. Credit Suisse responded positively to the news, upgrading its shares to an outperform rating with a $4.70 price target.
Western Areas Ltd (ASX: WSA)
The Western Areas share price is up 4% to $2.50. This follows the release of the nickel producer’s fourth quarter update. According to the release, the company produced 4,622 nickel tonnes in concentrate during the quarter. This was up 8% on the previous quarter and the best quarterly performance of the year. This brought its total nickel tonnes in concentrate to 16,180 tonnes, which was in line with guidance. Also in line was its cash cost of $4.23 per pound.
The post Why Bigtincan, EOS, Evolution, & Western Areas shares are charging higher appeared first on The Motley Fool Australia.
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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. owns shares of and has recommended BIGTINCAN FPO and Electro Optic Systems Holdings Limited. The Motley Fool Australia owns shares of and has recommended BIGTINCAN FPO and Electro Optic Systems Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.