In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.9% to 7,172.1 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:
Infomedia Limited (ASX: IFM)
The Infomedia share price is up 5% to $1.70. This morning the automotive industry software provider revealed that it has received a competing takeover proposal. Battery Ventures, a US based, global technology-focused investment firm, has offered $1.75 per share in cash. This compares to a $1.70 per share offer from TA Associates and Viburnum.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 4.5% to $2.94. This is despite there being no news out of the lithium miner on Friday. However, investors have been buying higher risk shares today after risk sentiment improved on Wall Street overnight. This has led to a number of lithium shares recording solid gains today.
Pointsbet Holdings Ltd (ASX: PBH)
The PointsBet share price is up a massive 13% to $2.84. Once again, this appears to have been driven by improving risk sentiment. Alternatively, with M&A activity increasing in the tech sector recently, some investors may believe PointsBet could become a takeover target. Goldman Sachs gives PointsBet a M&A rank of two. This represents a medium probability of the company becoming an acquisition target.
Talga Group Ltd (ASX: TLG)
The Talga share price is up 7% to $1.40. Investors have been buying this battery and advanced materials company’s shares after it released an update on the Vittangi Graphite Project in northern Sweden. That update reveals that Vittangi’s graphite resource has been boosted by 54%, cementing its position as Europe’s largest graphite resource.
The post Why Infomedia, Pilbara Minerals, PointsBet, and Talga shares are racing higher appeared first on The Motley Fool Australia.
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More reading
- ASX 200 midday update: Appen crashes, lithum shares jump
- Here’s why the Talga share price is charging 8% higher today
- Infomedia share price leaps higher on new unsolicited takeover proposal
- Here are the 3 most traded ASX 200 shares on Thursday
- These 3 shares are topping the ASX 200 volume charts on Wednesday
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 positions in and has recommended Infomedia and Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Infomedia and Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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