Why Atlas Arteria, Boral, Fonterra, and Paladin Energy shares are pushing higher

These ASX shares are rising on Wednesday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.4% to 7,124.9 points.

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

Atlas Arteria Group (ASX: ALX)

The Atlas Arteria share price share price is up 16% to $8.27. This follows news that IFM Global Infrastructure Fund has acquired a 15% stake in the toll road operator at a significant premium to its last close price. This has sparked hopes that a takeover offer could be launched soon.

Boral Limited (ASX: BLD)

The Boral share price is up 14% to $3.27. Investors have been buying this building products company’s shares after it appointed Vik Bansal as its new CEO. Mr Bansal stepped down from the role of CEO of Cleanaway Waste Management Ltd (ASX: CWY) last year amid a scandal which saw him accused of creating a culture of workplace bullying. This overshadowed an otherwise highly successful six years at Cleanaway.

Fonterra Shareholders’ Fund (ASX: FSF)

The Fonterra share price is up 2% to $2.79. This morning the dairy co-operative announced plans to launch a $50 million on-market share buyback program. Management made the move on the belief that its shares are undervalued at current levels.

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy price is up 13% to 80 cents. Investors have been buying uranium shares on Wednesday after the industry was given a boost. This relates to news that the United States is seeking to wean itself off Russian uranium for its nuclear reactors. The Biden Administration has announced a US$4.3 billion plan to help with the transition.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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