The S&P/ASX 200 Index (ASX: XJO) is starting the week relatively positively. In afternoon trade, the benchmark index is up slightly to 7,199.5 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is up 3% to $1.53. Investors have been buying Beach and other ASX energy shares today after oil prices pushed higher on Friday. This has seen the S&P/ASX 200 Energy index rise 1% this afternoon.
Pact Group Holdings Ltd (ASX: PGH)
The Pact Group share price is up almost 23% to 84 cents. This follows news that the packaging company has received an improved takeover offer from Bennamon Industries. According to the release, Bennamon Industries has bumped its offer from $0.68 cash per share to $0.84 cash per share.
Smartgroup Corporation Ltd (ASX: SIQ)
The Smartgroup share price is up 8.5% to $9.05. This morning, this salary packaging and fleet management company announced a major contract win. According to the release, the company has been appointed as the South Australian Government's exclusive administrator of salary packaging services and novated leasing services. The contract commences on 1 July 2024 and services will be made available to approximately 110,000 South Australian Government employees.
Winsome Resources Ltd (ASX: WR1)
The Winsome Resources share price is up 6% to $1.11. This follows the release of the mineral resource estimate (MRE) for this lithium explorer's operation in Canada. According to the update, the maiden inferred MRE at the Adina Lithium Project is 59Mt at 1.12% Li2O across two adjacent large spodumene-bearing pegmatite zones. Management won't be stopping there, though. It has five drill rigs now operating with over 25,000 metres of additional infill and extensional drilling awaiting assay. It is targeting a MRE upgrade in the first half of 2024.
