In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.3% to 7,758.7 points.
Four ASX shares that are rising more than most today are listed below. Here’s why they are climbing:
Generation Development Group Ltd (ASX: GDG)
The Generation Development Group share price is up almost 7% to $2.40. This follows the completion of the institutional component of its equity raising. The life insurance company raised approximately $126 million at a 13.3% discount of $1.95 per new share. The proceeds will be used to part fund the remaining 61.9% of Lonsec Holdings that it does not already own. The remaining up-front consideration will be funded through a placement to Lonsec shareholders who have elected to receive fully paid ordinary shares in Generation Development Group in exchange for their equity in Lonsec.
Graincorp Ltd (ASX: GNC)
The Graincorp share price is up 3.5% to $9.18. This may have been driven by a bullish broker note out of Bell Potter this morning. Its analysts note that the ABARE June east coast crop forecast has surprised to the upside. This implies another strong cropping outcome for Graincorp in FY 2025, with the initial June forecast implying the fifth largest crop on record. Bell Potter has retained its buy rating on Graincorp’s shares with an improved price target on $9.90.
Seek Ltd (ASX: SEK)
The Seek share price is up 3.5% to $23.46. This morning, this job listings company announced the sale of its Latin American assets. Seek has entered into a binding agreement to sell its 98.2% interest in OCC Mexico and its 100% interest in Catho Online to Red Arbor for a cash consideration of US$85 million. In Seek’s FY 2024 financial results, the disposals of these assets are expected to result in a net loss on sale after tax of between A$15 million and A$35 million.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is up 6% to $12.10. This follows the release of an update after the market close on Tuesday. As well as speaking positively about its sizeable opportunity in North America, the wine giant reaffirmed its guidance for FY 2024. It continues to expect mid-high single digit EBITS growth for the year. Management also advised that work to assess the future operating model for the company’s global portfolio of Premium brands is continuing. An update will be provided to the market in August.
The post Why Generation Development, Graincorp, Seek, and Treasury Wine shares are storming higher appeared first on The Motley Fool Australia.
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More reading
- Treasury Wine share price jumps on US opportunity and FY24 guidance update
- 5 things to watch on the ASX 200 on Wednesday
- Here are the top 10 ASX 200 shares today
- 4 high-quality ASX 200 growth shares to buy in June
- Here’s how the ASX 200 market sectors stacked up last week
Motley Fool contributor James Mickleboro has positions in Seek and Treasury Wine Estates. 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 recommended Seek and Treasury Wine Estates. 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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