Why Ausnet, Charter Hall, Codan, and Imugene shares are storming higher

stock market gaining

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. At the time of writing, the benchmark index is up 0.8% to 7,382.5 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

Ausnet Services Ltd (ASX: AST)

The Ausnet share price is up almost 4% to $2.57. The catalyst for this was news that the electricity distribution networks company has accepted a takeover offer from Brookfield Asset Management. According to the release, Brookfield has tabled a binding proposal of $2.65 per share, which is up from its original offer of $2.50 per share. As part of the terms of the agreement, Ausnet has terminated its due diligence process with APA Group (ASX: APA).

Charter Hall Group (ASX: CHC)

The Charter Hall share price is up over 4% to $18.07. Investors have been buying this property company’s shares after it upgraded its post-tax operating earnings per security (OEPS) guidance. Charter Hall now expects OEPS of no less than 83 cents per share in FY 2022, which represents a minimum 36% year on year growth rate.

Codan Limited (ASX: CDA)

The Codan share price is up 4.5% to $10.51. This gain appears to have been driven by bargain hunters swooping in after the metal detector company’s shares were sold off last week. The Codan share price sank 23% last week following the release of its annual general meeting update.

Imugene Limited (ASX: IMU)

The Imugene share price has jumped 7% to 53 cents. This morning Imugene announced a strategic collaboration with Eureka Therapeutics. The collaboration will evaluate Eureka’s anti-CD19 Artemis T-cell therapy in combination with Imugene’s CD19-expressing oncolytic virus onCARlytics in solid tumours. Eureka Therapeutics is a US based clinical-stage biotechnology company focused on developing novel cancer T-cell therapies to treat cancers.

The post Why Ausnet, Charter Hall, Codan, and Imugene shares are storming 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. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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