The S&P/ASX 200 Index (ASX: XJO) is back on form on Monday and charging higher. In afternoon trade, the benchmark index is up 0.65% to 7,321 points.
Four ASX shares that are climbing more than most are listed below. Here's why they are racing higher:
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Australian Pharmaceutical Industries Ltd (ASX: API)
The Australian Pharmaceutical Industries share price is rocketing 20% higher to $1.37. This follows news that Wesfarmers Ltd (ASX: WES) has made a takeover offer for the pharmacy chain operator and wholesale distributor. Wesfarmers has offered to acquire the Priceline Pharmacy owner for $1.38 cash per share. This represents a 21% premium to its last close price. Major shareholder Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) has agreed to vote in favour of the proposal.
Audinate Group Ltd (ASX: AD8)
The Audinate share price has jumped 8% to $9.96. Investors have been buying the audio over IP networking solution provider's shares after brokers responded positively to its recent trading update. One of those brokers is UBS, which has retained its buy rating and lifted its price target to $11.30. UBS was impressed with the update and notes that Audinate's outlook is strong.
NRW Holdings Limited (ASX: NWH)
The NRW share price is charging 8% higher to $1.67. This morning NRW revealed that Boggabri Coal Operations has exercised an option to acquire the majority of the major mining equipment of Golding Contractors that is engaged under the Maintenance Services and Hire Agreement at the Boggabri Coal Mine. The equipment will be sold for circa $81 million, of which ~$64 million will pay down asset financing debt.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is up over 4% to $8.69. Investors have been buying the lithium explorer's shares after it was granted a new exploration license. This license is for geothermal energy, geothermal heat, brine, and lithium exploration in the Upper Rhine Valley of Germany for three years. The company notes that the license covers a 108km squared area considered to be prospective for geothermal and lithium brine.
