In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.5% to 6,884.5 points.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are rising:
De Grey Mining Limited (ASX: DEG)
The De Grey share price is up 13% to $1.09. This morning analysts at Macquarie responded to the companyâs update on the Mallina gold project by retaining their outperform rating and lifting their price target to $1.65. This still implies ~50% upside for the gold developerâs shares despite their strong gains this week.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price is up 12% to $70.55. Investors have been buying this mining and mining services companyâs shares amid speculation that it is looking at spinning off its lithium operations to unlock value for shareholders. The company responded to the speculation, stating that âany previously undisclosed potential strategic initiatives being considered by MinRes are not sufficiently advanced or certain to warrant disclosure.â
Nuix Ltd (ASX: NXL)
The Nuix share price is up 20% to 82.7 cents. This has been driven by speculation that US software company Reveal is planning to make a takeover approach. Nuix has since responded to the reports and revealed that it has not received an offer at this stage. It stated: âThe Company confirms that it has not received a bid or a written proposal from Reveal.â
Yancoal Australia Ltd (ASX: YAL)
The Yancoal share price is up 3.5% to $6.80. Investors have been buying this coal minerâs shares after it revealed that major shareholder Yankuang Energy has terminated a potential deal to buy the remaining shares it didnât already own in Yancoal. This is good news for shareholders as Yankuang Energy was trying to force a takeover at a price materially below the current share price.
The post Why De Grey, Mineral Resources, Nuix, and Yancoal shares are racing higher appeared first on The Motley Fool Australia.
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More reading
- Why is the Yancoal share price surging 6% on Friday?
- Why is the De Grey share price rocketing another 13% on Friday?
- Nuix share price rockets 26% on takeover speculation before halt
- Mineral Resources share price rockets 11% as lithium spin-off rumours fly
- Mineral Resources share price on watch amid lithium demerger rumours
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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