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. Here's why they are rising:
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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 company's 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 developer's 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 company's 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 "any previously undisclosed potential strategic initiatives being considered by MinRes are not sufficiently advanced or certain to warrant disclosure."
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: "The Company confirms that it has not received a bid or a written proposal from Reveal."
Yancoal Australia Ltd (ASX: YAL)
The Yancoal share price is up 3.5% to $6.80. Investors have been buying this coal miner's shares after it revealed that major shareholder Yankuang Energy has terminated a potential deal to buy the remaining shares it didn't 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.
