The S&P/ASX 200 Index (ASX: XJO) is fighting hard to finish the week in positive territory. In afternoon trade, the benchmark index is up slightly to 7,499.6 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Bluebet Holdings Ltd (ASX: BBT)
The Bluebet share price is up 23% to 24 cents. This morning, the sports betting company confirmed speculation that it is in discussions with rival BetR in relation to a potential merger. However, management warned that "there can be no certainty that any transaction will eventuate."
Cooper Energy Ltd (ASX: COE)
The Cooper Energy share price is up 8% to 15.7 cents. This appears to have been driven by the release of an update on the Orbost improvement project. Cooper Energy revealed that a record instantaneous rate of 70 TJ/d was achieved, which exceeds Orbost nameplate plant capacity. This allows the company to sell into the higher-priced spot market, generating significant incremental cash flow.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is up 2% to $5.39. Investors have been buying the BWS and Dan Murphy's owner's shares this week after it announced the exit of its chairman, Peter Hearl. He had been under significant pressure to quit from activist shareholders. Hearl will step down following an orderly transition and once its new chair, Ari Mervis, obtains all necessary regulatory approvals.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is up 2.5% to $9.63. This follows the release of the fund manager's latest funds under management (FUM) update. The market appears pleased to see that Magellan's FUM increased approximately 1.7% month on month. Though, it is worth noting that the ASX 200 index rose over 7% during the period, so an increase in FUM was almost inevitable.
