In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is charging notably higher again. At the time of writing, the benchmark index is up 0.9% to 7,378.2 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are racing higher:
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iSentia Group Ltd (ASX: ISD)
The Isentia share price has surged 140% higher to 16.5 cents. Investors have been fighting to get hold of the media intelligence company's shares after it announced the receipt of a takeover offer. According to the release, UK-based Access Intelligence has tabled a 17.5 cents per share offer, which represents a 157% premium to its last close price. Access Intelligence provides software products that address the fundamental business needs of customers in the public relations, marketing, and communications industries. The Isentia board is recommending the offer.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price has jumped 6% to $29.15. The catalyst for this appears to have been a broker note out of Macquarie this morning. According to the note, Premier Investments' guidance for FY 2021 is ahead of the broker's expectations. In response, Macquarie has reiterated its outperform rating and $31.00 price target on the company's shares.
ResMed Inc. (ASX: RMD)
The ResMed share price has stormed 7% higher to $30.33. Investors have been buying the sleep treatment focused medical device company's shares following favourable industry news. That news is that rival Philips has been forced to recall 3.5 million ventilation devices for treating sleep apnoea due to potential health risks.
Service Stream Limited (ASX: SSM)
The Service Stream share price is up 3% to 93.2 cents following the release of a business update. That update reveals that the essential network services provider continues to expect its second half operating earnings to be in line with its first half results. Investors may be relieved that there has been no further deterioration in its performance since its last update.
