In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and is storming higher. At the time of writing, the benchmark index is up 1.25% to 6,983.9 points.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are rising:
Domino’s Pizza Enterprises Ltd (ASX: DMP)
The Domino’s share price is up 5% to $48.41. This appears to have been driven by a note out of Barrenjoey this morning. Its analysts believe that the pizza chain operatorâs shares have dropped to an attractive level and upgraded them to an overweight rating from neutral.
Incitec Pivot Ltd (ASX: IPL)
The Incitec Pivot share price is up almost 4% to $3.24. Investors have been buying this industrial chemicals companyâs shares after it announced an agreement for the sale of its Waggaman operation in the United States to CF Industries for A$2.5 billion. The company expects to bank after tax cash proceeds of A$1.25 billion from the sale.
Mincor Resources NL (ASX: MCR)
The Mincor share price is rocketing 42% higher to $1.47. This follows news that Twiggy Forrestâs Wyloo Metals business has made a takeover approach for the nickel producer. Wyloo has tabled a $1.40 per share offer, which values the company at $760 million. Clearly, based on its current share price, the market believes an even better offer is coming.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price has jumped 9% to $5.34. Investors have been buying this coal minerâs shares following the release of its strong half-year result. New Hope reported the doubling of its net profit after tax to $668.6 million, which allowed it to lift its interim dividend by 76% to 30 cents per share. A special 10 cents per share dividend was also declared.
The post Why Domino’s, Incitec Pivot, Mincor, and New Hope shares are racing higher appeared first on The Motley Fool Australia.
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More reading
- The Mincor Resources share price is skyrocketing 42%, what could be next for this ASX mining share?
- New Hope share price rockets 6% as half-year profits double
- This ASX 200 share is charging higher on $2.5bn asset sale news
- Guess which ASX All Ords mining share Fortescueâs Twiggy Forrest is eyeing off for $760m
- Guess which ASX 200 coal share just posted a 100% profit jump
Motley Fool contributor James Mickleboro has positions in Domino’s Pizza Enterprises. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Domino’s Pizza Enterprises. The Motley Fool Australia has recommended Domino’s Pizza Enterprises. 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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