In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to snap its losing streak. At the time of writing, the benchmark index is up 0.75% to 7,360 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:
Alliance Aviation Services Ltd (ASX: AQZ)
The Alliance Aviation share price is up 22% to $4.28. Investors have been buying this fly-in, fly-out operator’s shares after it agreed to be taken over by Qantas Airways Limited (ASX: QAN). Australia’s flag carrier airline has offered one Qantas share per Alliance share. This represents a 35% premium to the $3.51 Alliance share price at yesterday’s close and values Alliance at an enterprise value of $919.2 million.
Amcor (ASX: AMC)
The Amcor share price is up 5.5% to $17.66. This follows a positive response to the packaging company’s third-quarter update from brokers. For example, Morgans was pleased with its stronger than expected earnings per share and retained its add rating and lifted its price target on Amcor’s shares to $18.60.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price has jumped over 6% to $1.28. A number of lithium miners are charging higher today following a stellar night of trade on Wall Street for lithium miners. This was driven by a very strong quarterly result from Livent. It reported a huge jump in profits, which led to its shares surging 30% higher overnight.
QBE Insurance Group Ltd (ASX: QBE)
The QBE share price is up over 4% to $12.54 following the release of a performance update. That update revealed that the insurance giant delivered 19% growth in gross written premium during the third quarter. The company also advised that its renewal rate increases averaged 7.9% during the period.