In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher. At the time of writing, the benchmark index is up 0.7% to 7,599.3 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are jumping:
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Altium Ltd (ASX: ALU)
The Altium share price is up 28% to $65.72. Investors have been buying this electronic design software company's shares after it accepted a takeover offer from Japan's Renesas. Renesas will acquire Altium by way of a scheme of arrangement for a cash price of $68.50 per share. This represents a 33.6% premium to its last close price and values Altium's equity at $9.1 billion.
Goodman Group (ASX: GMG)
The Goodman share price is up 5% to $28.02. This follows the release of the industrial property company's half year results. Goodman reported a 28% increase in operating earnings per share to 59.2 cents for the six months. This was stronger than it was expecting, which has led to a guidance upgrade for FY 2024.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is up 6% to $9.50. Investors have responded positively to the fund manager's half-year results, which revealed a 24% increase in statutory net profit after tax to $104.1 million. Investors appear willing to overlook its underlying result, which revealed a profit decline of 5%. Magellan also announced the appointment of Sophia Rahmani as its new CEO.
Wesfarmers Ltd (ASX: WES)
The Wesfarmers share price is up 5% to $61.76. This follows the release of the conglomerate's half-year results. Wesfarmers reported a 0.5% increase in revenue to $22,673 million and a 3% lift in net profit after tax to $1,425 million. The company's Kmart business was a key driver of this growth, reporting a 26.5% increase in earnings for the half year.
