In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has fought back from a poor start and is pushing higher. At the time of writing, the benchmark index is up 0.3% to 7,242.7 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are charging higher:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price has surged 11% higher to $5.88. This follows the release of the infant formula company's half year results. Although A2 Milk reported a 53.3% decline in its net profit to NZ$56 million, management's upbeat commentary appears to have offset this. It is expecting a stronger than previously expected second half thanks to growth in China label and English label infant formula.
AGL Energy Limited (ASX: AGL)
The AGL share price has jumped 12% to $8.01. This morning the energy giant received and rejected a takeover approach from a consortium led by Brookfield Asset Management and Atlassian co-founder Mike Cannon-Brookes' private investment firm, Grok Ventures. At $7.50 per share, AGL believes the offer undervalues the company. It intends to push ahead with its demerger plans instead.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is up 10% to $7.18. This follows the release of the drinks company's half year results. Although Endeavour reported broadly flat revenue at $6.3 billion, that couldn't stop it from growing its net profit after tax by 15.6% to $311 million. The latter was driven by premiumisation trends and a reduction in promotional spend.
TPG Telecom Ltd (ASX: TPG)
The TPG share price is up 3% to $5.97. This morning the telco announced a surprise deal with rival Telstra Corporation Ltd (ASX: TLS). Telstra and TPG have signed a ten-year regional Multi-Operator Core Network (MOCN) commercial agreement. This will see TPG gain access to around 3,700 of Telstra's mobile network assets in regional and urban fringe areas, increasing its current 4G coverage from around 96% to 98.8% of the population.
