In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.4% to 7,969.4 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Catalyst Metals Ltd (ASX: CYL)
The Catalyst Metals share price is up 2.5% to $4.72. Investors have been buying this gold miner's shares for a few reasons. One is the release of a drilling update, another is the sale of a non-core asset, and the third is a broker note out of Bell Potter. In respect to the latter, the broker has upgraded Catalyst Metals' shares to a buy rating (from hold) with an improved price target of $5.50 (from $4.45). Speaking about its asset sale, the broker said: "The transaction makes sense as it simplifies the business, and enables greater focus on the expansion and exploration of the flag ship Plutonic Gold Operation, while adding a low cost and rapid option to unlock value at the Bendigo Project."
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price is up 15% to $2.81. This has been driven by news that the gold miner has received and rejected a takeover offer. Gold Fields tabled an offer of $2.27 cash per share plus a variable cash amount equal to the proportionate value of each shareholder's interest in the shares it holds in De Grey Mining Ltd (ASX: DEG). However, management responded, stating that it "considered and subsequently rejected [the] opportunistic, conditional and non-binding indicative proposal." The company's board "unanimously formed the view that the Offer materially undervalues Gold Road and is highly opportunistic in nature."
Helia Group Ltd (ASX: HLI)
The Helia Group share price is up 2% to $3.68. Bargain hunters may be swooping in today after the lenders mortgage insurance (LMI) provider's shares were sold off on Monday. Investors were hitting the sell button after the company announced that it was likely to lose its major contract with Commonwealth Bank of Australia (ASX: CBA).
Life360 Inc (ASX: 360)
The Life360 share price is up 6% to $21.65. This is despite there being no news out of the location technology company today. However, a number of ASX tech stocks are racing higher today after a strong night of trade for their peers on Wall Street. This has led to the S&P ASX All Technology index is up 1.2% at the time of writing.
