Why Ausnet, Charter Hall, Codan, and Imugene shares are storming higher

These ASX shares are starting the week strongly…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. At the time of writing, the benchmark index is up 0.8% to 7,382.5 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

Ausnet Services Ltd (ASX: AST)

The Ausnet share price is up almost 4% to $2.57. The catalyst for this was news that the electricity distribution networks company has accepted a takeover offer from Brookfield Asset Management. According to the release, Brookfield has tabled a binding proposal of $2.65 per share, which is up from its original offer of $2.50 per share. As part of the terms of the agreement, Ausnet has terminated its due diligence process with APA Group (ASX: APA).

Charter Hall Group (ASX: CHC)

The Charter Hall share price is up over 4% to $18.07. Investors have been buying this property company’s shares after it upgraded its post-tax operating earnings per security (OEPS) guidance. Charter Hall now expects OEPS of no less than 83 cents per share in FY 2022, which represents a minimum 36% year on year growth rate.

Codan Limited (ASX: CDA)

The Codan share price is up 4.5% to $10.51. This gain appears to have been driven by bargain hunters swooping in after the metal detector company’s shares were sold off last week. The Codan share price sank 23% last week following the release of its annual general meeting update.

Imugene Limited (ASX: IMU)

The Imugene share price has jumped 7% to 53 cents. This morning Imugene announced a strategic collaboration with Eureka Therapeutics. The collaboration will evaluate Eureka’s anti-CD19 Artemis T-cell therapy in combination with Imugene’s CD19-expressing oncolytic virus onCARlytics in solid tumours. Eureka Therapeutics is a US based clinical-stage biotechnology company focused on developing novel cancer T-cell therapies to treat cancers.

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