The S&P/ASX 200 Index (ASX: XJO) is back from the Easter break with a bang. In afternoon trade, the benchmark index is up 1.3% to 7,312.2 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are storming higher:
Arafura Rare Earths Ltd (ASX: ARU)
The Arafura share price is up 6% to 50.8 cents. Investors have been buying this rare earths developer's shares after it announced a binding offtake agreement with Siemens Gamesa Renewable Energy. The wind industry leader has signed an agreement for up to 400 tonnes per annum (tpa) of neodymium and praseodymium (NdPr) metal from the Nolans project.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 3.5% to 90 cents. This is despite there being no news out of the lithium miner. However, it is worth noting that a number of ASX lithium shares are charging higher on Tuesday. This follows a decent night of trade for lithium stocks on Wall Street.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is up 4.5% to $4.16. This follows news that the pharmaceutical company has completed the sale of its US generics portfolio. According to the release, Mayne Pharma has received US$90 million (~A$134 million) for the portfolio of commercial, pipeline, and approved non-marketed products. The agreement also includes a 10-year supply agreement for certain products and provides for up to US$15 million (~A$22 million) in contingent milestone payments.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price is up 5% to $29.74. This morning, this gold miner revealed that it has received an improved takeover offer from North American peer Newmont Mining. Newmont has made an offer of $32.87 per share, which is up from its last offer of $27.40. This has been enough to get the Newcrest board to grant due diligence access.
