In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1.8% to 8,633.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Arafura Rare Earths Ltd (ASX: ARU)
The Arafura Rare Earths share price is up almost 10% to 30.7 cents. This morning, this rare earths developer announced binding agreements with two cornerstone investors which secure equity subscriptions totalling approximately $230 million. Commenting on the equity subscriptions, Arafura's managing director, Darryl Cuzzubbo, said: "Today marks a transformational milestone for Arafura and the Nolans Project. The execution of binding equity subscriptions from these two government agencies is a powerful endorsement of the strategic importance of Nolans to western supply chains."
Eagers Automotive Ltd (ASX: APE)
The Eagers Automotive share price is up 8% to $24.38. This follows the release of an update from the automotive retailer this morning. Eagers Automotive revealed that it has entered into a non-binding term sheet with the owners of Grand Motors Group to acquire 49% of their interest in a portfolio of dealerships located on the Gold Coast and in Metro Sydney. It is a multi-brand dealership group generating consolidated revenue of approximately $490 million for the 12 months ended December 2025.
Life360 Inc (ASX: 360)
The Life360 share price is up 6% to $19.91. Investors have been buying this family safety technology company's shares on Wednesday following a strong rise by its NASDAQ-listed shares overnight. This was driven by improving investor sentiment amid optimism that the war in the Middle East could soon end. The technology sector is having a particularly strong session. This has seen the S&P/ASX All Technology Index rise 3% today.
Pro Medicus Ltd (ASX: PME)
The Pro Medicus share price is up 3.8% to $121.36. As well as benefiting from a rebound in the tech sector today, this health imaging technology company's shares have been boosted by an announcement. Pro Medicus revealed that it is undertaking an on-market share buy-back. The maximum number of shares that the company can buy back is 10.45 million, according to the notice. However, due to its current share price, the actual figure will almost certainly be lower than this.
The post Why Arafura Rare Earths, Eagers Automotive, Life360, and Pro Medicus shares are racing higher today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Life360 and Pro Medicus. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has positions in and has recommended Life360. The Motley Fool Australia has recommended Eagers Automotive Ltd and Pro Medicus. 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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