The S&P/ASX 200 Index (ASX: XJO) is recovering from yesterday's selloff. At the time of writing, the benchmark index is up 0.2% to 7,143.3 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Estia Health Ltd (ASX: EHE)
The Estia Health share price is up 12% to $2.87. This follows news that Bain Capital has made an improved non-binding takeover proposal of $3.20 per share for the aged care provider. Estia Health has entered into a process deed with Bain Capital in order to progress a potential transaction.
Graincorp Ltd (ASX: GNC)
The Graincorp share price is up 4% to $8.01. This morning, Bell Potter responded to the winter crop forecast by reiterating its buy rating and $9.45 price target on the grain exporter's shares. It believes that there is significant upside risk to FY 2024 profit estimates if the crop forecast is accurate.
Novonix Ltd (ASX: NVX)
The Novonix share price is up 12% to $1.09. Investors have been buying this battery materials company's shares after it announced a deal with global battery manufacturer LG Energy Solution (LGES). The two parties will work on the research and development of artificial graphite anode material for lithium-ion batteries. LGES will also look at purchasing 50,000 tons of the anode material from Novonix's United States-based facility over a 10-year period.
Polynovo Ltd (ASX: PNV)
The Polynovo share price is up 13% to $1.65. This follows the release of a sales update for the month of May. The medical device company reported total sales of $7.2 million for the month. This was underpinned by record sales in both the United States and the rest of the world segment. Polynovo advised that this means its sales are now up 54.5% year over year to $59.1 million for the 11 months to 31 May.
