The S&P/ASX 200 Index (ASX: XJO) is on course to start the week in a subdued fashion. At the time of writing, the benchmark index is down 0.2% to 7,541 points.
Four ASX shares that are not letting that hold them back today are listed below. Hereâs why they are rising:
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is up 3% to $1.53. Investors have been buying this energy producerâs shares following an update on the Waitsia Stage 2 project. According to the release, an agreement has been reached with Webuild for it to complete delivery of the Waitsia Stage 2 project, subject to finalisation of the Clough administration.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price is up over 11% to $25.00. This has been driven by news that the gold miner has received a takeover approach from Newmont. The US mining giant has tabled a conditional and non-binding indicative proposal to acquire Newcrest for 0.380 Newmont shares for each Newcrest share. This equates to an offer of $27.40 per share, which is a 22% premium to the Newcrest share price at Fridayâs close. The Newcrest board is considering the offer.
Patriot Battery Metals Inc (ASX: PMT)
The Patriot Battery Metals share price is up 13% to $1.88. This morning, this lithium explorer announced promising drilling results from the wholly owned Corvette Property in the James Bay Region of Quebec. Patriot reported that the first eight drill holes have intersected various widths of spodumene pegmatite, which has extended the strike length of the CV5 Pegmatite body by an additional 400m along strike eastwardly.
Warrego Energy Ltd (ASX: WGO)
The Warrego Energy share price is up 3% to 36 cents. This morning, Hancock Energy confirmed that it has increase its takeover offer for the energy explorer from 28 cents per share to 36 cents per share. This compares to its original offer of 23 cents per share.
The post Why Beach, Newcrest, Patriot Battery Metals, and Warrego Energy shares are rising appeared first on The Motley Fool Australia.
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More reading
- Will Newmont offer more for Newcrest shares?
- ASX lithium shares today: Two explorers that are thriving
- Newcrest share price jumps 14% on takeover approach
- 5 things to watch on the ASX 200 on Monday
- Why is the Newcrest share price fizzling out on Friday?
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 Scott Phillips.
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