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Highlights
ASX 200 is trading on a weak note so far this week.
The benchmark index fell 1.2% to 7,347 points on Monday.
All-Ordinaries Index dipped over 1% on the first day of the week.
The Australian share market has traded on a weak note so far this week primarily on account of global tensions and interest rate hike expectations. The benchmark ASX 200 index fell 1.2% to 7,347 points on Monday. The All-Ordinaries Index (ASX:XAO) fell over 1% on the first day of the week.
While majority of stocks listed on the ASX traded on a muted note, a few managed to record massive jumps in their prices. There were a few notable exceptions which gained 100% or more in value on Monday. Investors would be tracking such shares amid the ongoing uncertainty in the domestic share market, which is eroding their gains.
On this note, let’s see why these two ASX-listed stocks rose over 100% on Monday:
East 33 Ltd (ASX:E33)
East 33 is a Sydney Rock Oyster producer, supplier, and exporter.
The shares of the company ended with a 100% rise on Monday at AU$0.080 from last Friday’s close of AU$0.040. However, the stock is down over 63% on a year-to-date (YTD) basis.
The major trigger for the massive share price rise was a trading update released by the company on Monday morning. According to the update, the company’s April results beat market expectations. East 33 reported a harvest volume of “499k”, along with group revenue of AU$2.43 million for the month.
“April generated $344k of the $1.6m low season contribution being 21.5% of entire outlook to the end of September 2022. This result put East 33 significantly ahead of expectation,” the company said in its ASX filing.
Adrabbit Ltd (ASX:RAB)
Adrabbit, together with its subsidiaries, operates as a software-as-a-service (SaaS) company in Israel, US, and other parts of the world.
The shares of the company ended with over 117% rise on Monday at AU$0.050 from last Friday’s close of AU$0.023. The stock is up 25% on a YTD basis.
The trigger for share price rise was a quarterly update, in which the company announced a few results for the quarter ending 31 March 2022.
In its results, Adrabbit announced invoiced revenues of AU$67,398, along with a successful completion of its dual listing on the Toronto Stock Exchange (TSX). It also announced a US$3.25 million funding round.
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