The Australian share market is having a pretty horrible start to the trading week so far this Monday.
At the time of writing, the All Ordinaries Index (ASX: XAO) is down by a significant 1.65% and is back under 7,600 points. But even though most ASX shares are suffering today, there are a few notable exceptions.
In fact, two ASX shares have exploded by more than 100% in value today. Let's check out what's going on here.
Image source: Getty Images
2 ASX shares going gangbusters today
East 33 Ltd (ASX: E33)
Our first ASX share to check out is East 33, a Sydney-based producer and supplier of rock oysters. No doubt shareholders will feel like the world is their oyster today, seeing as East 33 shares are up an astounding 110% in trading so far. Yes, this company closed at 4 cents per share last week, but is today fetching 8.4 cents a share at the time of writing.
The catalyst for this eye-popping move appears to be a trading update that the company released this morning.
In this update, East 33 informed investors that its results for April came in ahead of expectations. The company reported a harvest volume of "499k", along with group revenue of $2.43 million, for the month.
Here's some of what the company had to say about these numbers:
East 33 is a resilient business and its geographic diversification enabled harvest despite enormous disruptions due to continued rain, further its diversified sales and distribution operations continue to grow year on year.
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.
So investors are evidently extremely pleased with what East 33 came up with today.
Adrabbit Ltd (ASX: RAB)
Adrabbit is our second ASX share that has exploded in value today. This software-as-a-service (SaaS) provider for businesses was priced at 2.3 cents per share at the end of last week.
But today, the company has rocketed a whopping 221% so far and is currently going for 7.4 cents per share. This seems to have been sparked by a quarterly update. This morning, Adrabbit announced some results for the quarter ending 31 March 2022.
Over this period, the company reported invoiced revenues of $67,398. It also announced the successful completion of its dual-listing on the Toronto Stock Exchange (TSX) and the completion of a US$3.25 million funding round.
So again, investors seem very happy with what the company presented today. Having said that, Adrabbit is still proceeding with its delisting from the ASX, so this company won't be around for too much longer on our sharemarket.
