In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. At the time of writing, the benchmark index is up 0.6% to 7,295.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are racing higher:
Image source: Getty Images
Abacus Property Group (ASX: ABP)
The Abacus share price is up 7% to $2.76. This morning, this property company announced the successful completion of the institutional component of the Abacus Storage King (ASK) 1 for 5.6 pro-rata securityholder offer. The offer was well supported by a combination of existing Abacus securityholders and new eligible institutional investors.
Centaurus Metals Limited (ASX: CTM)
The Centaurus Metals share price is up 13% to 88.5 cents. This follows news that Centaurus has acquired offtake rights over the Jaguar nickel sulphide project in Brazil from Vale. This is in exchange for an increase in Vale's net operating royalty over the project by 1.2% for nickel sulphate product and 1.25% for nickel concentrate and other products.
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price is up over 19% to $1.63. Investors have been buying this sports betting company's shares after it announced the receipt of a competing offer for its US operations. DraftKings Inc (NASDAQ: DKNG) has offered US$195 million for the business, which is meaningfully higher than Fanatics Betting and Gaming's offer of US$150 million. Due diligence access has been granted to DraftKings.
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price is up over 2% to $39.48. This appears to have been driven by a broker note out of UBS this morning. According to the note, the broker has upgraded this retail giant's shares to a buy rating with a $43.00 price target. Its analysts expect Woolworths to continue winning market share.
