The S&P/ASX 200 Index (ASX: XJO) is on form on Tuesday. In afternoon trade, the benchmark index is up 0.6% to 7,471.3 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are racing higher:
G8 Education Ltd (ASX: GEM)
The G8 Education share price is up 13% to $1.12. This follows the release of a trading update from the childcare operator. G8 Education reported a much-improved performance during the second half compared to the same period last year. As a result, it expects operating EBIT of $99 million to $102 million in FY 2023. This is up from $80.3 million in FY 2022.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is up 5% to 13.7 cents. Investors have been buying the lithium developer's shares after it released the definitive feasibility study (DFS) for phase one of the Kachi lithium brine project. While the project has a substantial net present value, this appears to be based on unrealistically high lithium prices. Lake is forecasting a lithium carbonate price of US$33,000 per tonne for the life of the project. This compares to the current spot price of US$13,009 per tonne and Goldman Sachs' long-term estimate of US$15,000 per tonne.
Liontown Resources Ltd (ASX: LTR)
The Liontown share price is up over 9% to $1.60. This appears to have been driven by news that SQM and Gina Rinehart's Hancock Prospecting have teamed up and had a takeover offer accepted by fellow lithium developer Azure Minerals Ltd (ASX: AZS). Investors may be hoping that Rinehart now joins forces with Albemarle to acquire Liontown. She built blocking stakes in both companies following takeover approaches.
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren Pharmaceuticals share price is up 6% to $23.56. This morning, Bell Potter upgraded this biotech company's shares to a buy rating and lifted its price target by 54% to $27. This follows the release of strong top-line results from the Phase 2 trial evaluating NNZ-2591 for patients with Phelan-McDermid syndrome.
