The S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. In afternoon trade, the benchmark index is up 0.1% to 6,807 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
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Australian Strategic Matrls (Hldngs) Ltd (ASX: ASM)
The Australian Strategic Materials share price is up 16% to $2.41. This follows the release of the company's quarterly update this morning. That update reminded investors that commissioning for neodymium praseodymium (NdPr) metal and alloy products drew closer to completion this quarter, with positive results achieved. The company also successfully produced neodymium iron boron (NdFeB) strip metal alloy while commissioning the strip caster.
Bega Cheese Ltd (ASX: BGA)
The Bega Cheese share price is up 4.5% to $3.39. This is despite the diversified food company announcing the exit of its CEO Paul van Heerwaarden at its annual general meeting. He will step down in the coming months and be replaced by its COO, Pete Findlay. In addition, at the meeting, the company re-affirmed its FY 2023 guidance for EBITDA in the range of $160 million to $190 million.
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price is up 11% to $2.48. Investors have been buying this horticulture company's shares after private equity firm Paine Schwartz Partners acquired a 13.78% stake. Paine, which used to own Costa, paid an average of approximately $2.51 per share, which is a 12.5% premium to the Costa share price at yesterday's close.
Elmo Software Ltd (ASX: ELO)
The Elmo share price has surged 40% higher to $4.63. This follows news that the HR and payroll platform provider is recommending a takeover offer from K1 Investment Management. The Los Angeles-based investment firm has tabled a $4.85 cash per share offer, which represents a 100% premium to the Elmo share price prior to the company first revealing takeover interest earlier this month.
