In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a gain. At the time of writing, the benchmark index is up 0.3% to 7,158.8 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
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Arafura Rare Earths Ltd (ASX: ARU)
The Arafura share price has continued its sensational run and is up a further 13% to 46 cents. Investors have been buying this rare earths developer's shares this week after it announced that the Mining Management Plan for its 100% owned Nolans Neodymium-Praseodymium (NdPr) project has been approved by the Northern Territory Government.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price is up 2.5% to $4.63. This follows the release of the infection prevention company's annual general meeting update. Nanosonics revealed that for the four months to 31 October, total revenue came in at $52.6 million. This is up 42% compared to the prior corresponding period and up 36% in constant currency.
NextDC Ltd (ASX: NXT)
The NextDC share price is up almost 3% to $9.57. Investors have also been buying this data centre operator's shares following the release of an annual general meeting update. At the meeting, NextDC reaffirmed its FY 2023 guidance for revenue growth of 17% to 22% and EBITDA growth of 12% to 17%.
OZ Minerals Limited (ASX: OZL)
The OZ Minerals share price is up 4% to $27.38. This has been driven by news that the company has accepted an improved takeover offer from mining giant BHP Group Ltd (ASX: BHP). The Big Australian has been granted due diligence access after increasing its non-binding offer from $25.00 per share to $28.25 per share. This "best and final" offer represents a 49.3% premium to where OZ Mineral's shares were trading prior to the initial proposal.
