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% to 7,398.1 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are surging higher:
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AMP Ltd (ASX: AMP)
The AMP share price is up 8% to $1.16. Investors have been buying this financial services company's shares after it announced the divestment of its 19.13% equity interest in Resolution Life Australasia (RLA). AMP is selling the stake to Resolution Life Group for $524 million. Doing so completes its exit from its former life insurance and mature business, AMP Life, and provides further flexibility ahead of its planned demerger of AMP Capital's Private Markets business.
Eclipx Group Ltd (ASX: ECX)
The Eclipx share price is up 3.5% to $2.52 following the release of its full year results. In FY 2021, the salary packaging and fleet management company delivered a 3.9% decline in revenue to $648.06 million but a 156% jump in cash earnings to $86.15 million. The latter was driven by strong end-of-lease income and margin expansion.
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
The Paradigm share price has jumped 26% to $2.59. Investors have been fighting to get hold of the biopharmaceutical company's shares after the US FDA approved its investigational new drug (IND) application to proceed with a phase 3 trial. That trial aims to evaluate injectable pentosan polysulfate sodium (PPS/Zilosul) for the treatment of pain associated with knee osteoarthritis.
Praemium Ltd (ASX: PPS)
The Praemium share price has jumped 10% to $1.57. This follows speculation that this investment platform provider could soon receive another takeover approach. On Tuesday, Praemium received a $1.50 per share merger offer from Netwealth Group Ltd (ASX: NWL). However, the Praemium Board rejected the offer, believing it undervalued the company.
