The S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.7% to 8,528.3 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Coronado Global Resources Inc (ASX: CRN)
The Coronado Global share price is up almost 40% to 14.5 cents. Investors have been buying this coal miner's shares after it shored up its balance sheet. This morning, Coronado Global revealed that it has entered into a binding commitment for a $150 million asset-based lending facility with Oaktree Capital Management. The company's CFO, Barrie Van der Merwe, commented: "Entering into this transaction with Oaktree is an important first step in our strategy to stabilise and strengthen our financial position. It reflects a clear confidence from a credible lender in the underlying value of our asset base and business fundamentals."
DroneShield Ltd (ASX: DRO)
The DroneShield share price is up a further 9% to $1.53. Investors have been fighting to get hold of the counter drone technology company's shares this week. This appears to have been driven by news that the UK government is planning to spend GBP2 billion (~A$4.2 billion) on drone technology to boost its military capabilities. All this attention on drone warfare from governments around the globe bodes well for DroneShield.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is up 7.5% to $31.55. This morning, this fashion jewellery retailer announced that its new CEO, David Cheston, has now started. He was previously the CEO of the Smiggle brand, which is owned by Premier Investments Ltd (ASX: PMV). It also revealed that it has appointed Mark McInnes as executive deputy chairman, effective today. Lovisa's chair, Brett Blundy, said: "Mark's extensive experience and proven track record of success in large Australian ASX listed retailers, combined with his leadership skills make him an invaluable member of the Board and Executive Management team. We are confident that his contributions will further strengthen our position in the industry and drive long-term value for Shareholders."
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is up 5% to $4.97. This has been driven by the release of an update on its troubled takeover. The pharmaceuticals company advised that its suitor, Cosette Pharmaceuticals, has not yet terminated the scheme implementation scheme following a 10-business day consultation period. Cosette was looking to cancel the deal, alleging that a material adverse change had occurred. The company adds: "Mayne Pharma has reminded Cosette of its obligations to comply with the SID, including to progress the application for FIRB approval."
The post Why Coronado, DroneShield, Lovisa, and Mayne Pharma shares are racing higher today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Lovisa. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield and Lovisa. The Motley Fool Australia has recommended Lovisa and Premier Investments. 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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