In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. At the time of writing, the benchmark index is down 0.2% to 8,769 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising:
Atlas Arteria Group (ASX: ALX)
The Atlas Arteria share price is up almost 14% to $4.92. Investors have been buying the toll road operator’s shares after it received a takeover offer. The company revealed that IFM has made an unsolicited offer at $4.75 per share in cash. However, it has also “indicated that the price will be increased to A$5.10 per security if the bidder’s relevant interest in Atlas Arteria securities is 45% or more prior to the close of the Offer.” Outside that, this is IFM’s best and final offer. Atlas Arteria advised that it will consider and evaluate the offer and will update shareholders in due course.
Forrestania Resources Ltd (ASX: FRS)
The Forrestania Resources share price is up 2.5% to 51.7 cents. This has been driven by the release of drilling results for the gold explorer’s British Hill, Mt Palmer and Johnson Range projects. The good news is that high-grade gold results were returned across all projects. Forrestania Resources’ chair, David Geraghty, commented: “These encouraging results are improving our understanding of the geology and metallurgy across each project and support the next phase of drilling, as we move with intent to increase the size and potential of the British Hill, Johnson Range and Mt Palmer Mineral Resource Estimates.”
Megaport Ltd (ASX: MP1)
The Megaport share price is up over 6% to $9.46. This morning, this network solutions company revealed that it has secured a three-year compute and storage contract with a total value of approximately US$25.1 million (A$35.4 million). Megaport’s CEO, Michael Reid, said: “Securing a contract of this size reflects both the scale of the opportunities we see in the compute market, and our disciplined approach to deploying capital. We will continue to evaluate similar opportunities, investing alongside committed customer demand at compelling paybacks, ensuring capital is deployed after rigorous analysis while supporting the long-term growth of these markets.”
WA1 Resources Ltd (ASX: WA1)
The WA1 Resources share price is up almost 7% to $16.17. This follows the release of the niobium developer’s quarterly update. That update revealed that the company ended the period with a cash balance of $131 million. It also confirmed that all data inputs have been received for a mineral resources estimate update that is expected in the June quarter.
The post Why Atlas Arteria, Forrestania, Megaport, and WA1 shares are charging higher today appeared first on The Motley Fool Australia.
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More reading
- Why the Atlas Arteria share price is rocketing 14% today
- Why are Megaport shares jumping 9% today?
- Atlas Arteria receives a takeover offer
- Megaport secures $35.4m compute deal and lifts recurring revenue
- What are the best Australian shares to buy now to try and make a million?
Motley Fool contributor James Mickleboro has positions in Megaport. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Megaport. 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.