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3 ASX stocks rising more than 5% today

The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has risen 0.7% to close at 4,477.7, following positive results on Wall Street overnight.

The Dow Jones Industrial Average and the S&P 500 both climbed 0.8%, on the back of positive comments from President Barack Obama suggesting the US will avoid the Fiscal Cliff.

The Australian dollar continues its rise against the US dollar, currently buying 104.7 cents.

These three stocks added more than 5%.

Ten Network Holdings Limited (ASX: TEN) climbed 10.6% to end at 36.5 cents, likely on reports that the federal government is close to announcing an extension of the commercial television licence fee rebate. Expectations are that the government will also make changes to local content quotas and scrap the reach rules that prevent a TV licence owner from covering more than 75% of the population. Those moves will come as a welcome relief for Ten, which has been struggling to compete against the other free-to-air networks.

Aristocrat Leisure Limited (ASX: ALL) added 6.7% to close at $3.25, following yesterday’s gains of 4%, after the poker machine maker reported a profit of $45.5 million for the nine months to September 2012, more than double the previous corresponding period. Chief executive Jamie Odell said the company’s performance would continue to improve in the year ahead as it continues to take market share from its competitors and enters the online gambling market.

Arrium Limited (ASX: ARI) – ex OneSteel, saw its share price rise 5.8% to close at 81.5 cents. The ailing steel maker has received a takeover bid from South Korean steel giant Posco, who last week confirmed that it had federal and South Australian government support for its bid. Posco is keen to get its hands on Arrium’s iron ore division and plans to introduce new technology to Arrium’s steel business to make it more efficient.

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Motley Fool writer/analyst Mike King doesn’t own shares in any company mentioned. The Motley Fool’s purpose is to help the world invest, better. Take Stock is The Motley Fool’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it’s still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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