Why Altium, Goodman, Magellan, and Wesfarmers shares are storming higher today

These ASX shares are having a very strong session. But why?

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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:

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.

Motley Fool contributor James Mickleboro has positions in Altium. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Altium, Goodman Group, and Wesfarmers. The Motley Fool Australia has positions in and has recommended Wesfarmers. The Motley Fool Australia has recommended Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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