In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.5% to 7,764.4 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
BHP Group Ltd (ASX: BHP)
The BHP Group share price is up 2.5% to $44.21. This appears to have been driven by news that its takeover target Anglo American (LSE: AAL) has announced a divestment plan. This plan will see the miner offload its coal, platinum, and nickel assets in order to focus on its potash, copper, and iron ore assets. The market appears to believe this could be a sign that the takeover won't happen and that Anglo American intends to go it alone after rejecting two bids from BHP. The market has never been overly sure about the deal and appears to be responding positively to the prospect of this being the end of the matter.
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is up 2% to $5.78. This follows news that the uranium developer has uncovered copper during its drilling campaign at the Honeymoon project. Given that uranium and copper are the two hottest commodities in 2024, the market appears excited by the news. It is worth noting that Boss Energy intends to let First Quantum Minerals (TSE: FM) do the hard work for it with a farm-in agreement. This "enables Boss to remain fully-focused on its core business of uranium exploration, development and production while having exposure at no cost to the significant potential of a base metals exploration program led by a global major."
Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's Pizza share price is up 2% to $38.76. A number of consumer stocks are rising today in response to the Federal Budget. Investors may believe that the government's plans will put more disposable income in the pockets of consumers. This could give this pizza chain operator's sales a boost in Australia.
Renascor Resources Ltd (ASX: RNU)
The Renascor Resources share price is up 20% to 12 cents. The market appears to believe that the company's proposed vertically integrated Battery Anode Material Manufacturing Project in South Australia could benefit from the Federal Budget. The Government is investing $8.8 billion over the decade to strengthen critical minerals supply chains. This Budget establishes a production tax incentive for processing and refining critical minerals at an estimated cost of $7 billion over the decade.
