In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up a fraction to 8,551.5 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are charging higher:
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is up 15% to $7.25. Investors have been buying uranium miners on Monday amid optimism over demand for the chemical element. This has led to most major ASX uranium shares recording gains of over 10%.
Santos Ltd (ASX: STO)
The Santos share price is up 12% to $7.78. This morning, the energy giant announced that it has received a non-binding indicative proposal from a consortium led by Abu Dhabi National Oil Company (ADNOC), along with Abu Dhabi Development Holding Company (ADQ) and global private equity firm Carlyle. The consortium has offered to acquire all outstanding Santos shares for US$5.76 per share (approximately A$8.89 per share) in cash via a scheme of arrangement. This values Santos at A$30 billion. Due diligence has been granted and Santos advised that if satisfactory terms can be agreed upon, the board intends to unanimously recommend the deal.
Tourism Holdings Ltd (ASX: THL)
The Tourism Holdings share price is up 52% to $2.07. Investors have been buying this recreational vehicle company's shares after it also received a takeover offer. The company advised that it has received a conditional takeover proposal from a consortium led by private equity firm BGH Capital and the family interests of Luke and Karl Trouchet. An offer of NZ$2.30 per share has been tabled. This was a 58% premium to its last close price.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is up 3% to $26.06. This has been driven by another rise in oil prices. Traders were bidding oil higher after Israeli missiles struck Iranian energy facilities. Commenting on the situation in the Middle East, Saxo Bank's Head of Investment Strategy, Jacob Falkencrone, told The Motley Fool Australia: "The most serious economic threat from this conflict lies in its potential to reignite inflation through sustained high oil prices. Recent attacks on Iranian oil facilities in Tehran and Iran's critical South Pars gas field intensified market anxieties significantly. Analysts anticipate even sharper oil price increases, potentially driving crude above USD 100 per barrel if tensions worsen."
The post Why Paladin Energy, Santos, Tourism Holdings, and Woodside shares are racing higher appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. 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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