Why APM, Fletcher Building, Navigator Global, and Strike Energy shares are storming higher

These shares are starting the week with a bang. What's happening?

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Two colleagues at work looking at a tablet and smiling at a rising share price.

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The S&P/ASX 200 Index (ASX: XJO) is having a strong start to the week. In afternoon trade, the benchmark index is up 0.8% to 7,761.1 points.

Four ASX shares that are rising more than most today are listed below. Here's why they are storming higher:

APM Human Services International Ltd (ASX: APM)

The APM Human Services International share price is up 10% to $1.37. Investors have been buying the human services company's shares after it accepted a takeover offer. According to the release, APM has entered into a scheme implementation deed with Madison Dearborn Partners. Under the scheme, APM shareholders will receive $1.45 cash per share. The APM Independent Board Committee unanimously recommends that shareholders vote in favour of the scheme. This is in the absence of a superior proposal and subject to the independent expert's report.

Fletcher Building Ltd (ASX: FBU)

The Fletcher Building share price is up almost 4% to $2.95. This morning, this building materials company announced amendments to its banking agreements which will extend the tenor of its debt facilities. In addition, the amendments will allow Fletcher Building to rely on more favourable terms for covenant testing through to the end of calendar 2025 if required. The company's acting CEO, Nick Traber, said: "Given the current market environment and outlook, we have taken pre-emptive steps to reinforce the Company's resilience for the medium term to position ourselves to navigate the tougher trading conditions."

Navigator Global Investments Ltd (ASX: NGI)

The Navigator Global Investments share price is up 13% to $2.09. Investors have been buying this investment company's shares after it upgraded its earnings guidance for FY 2024. Full year adjusted EBITDA is now expected to be between US$85 million to US$89 million, representing an increase of between 76% and 84% on FY 2023's adjusted EBITDA. Management advised that strong profit distributions from its partner firms is driving a significant second half earnings uplift. The company's CEO, Stephen Darke, believes "this underscores both the resilience and earnings potential of NGI's diversified portfolio of global alternative investment managers."

Strike Energy Ltd (ASX: STX)

The Strike Energy share price is up 6% to 21.2 cents. The catalyst for this has been an update on the Walyering-7 (W7) well within the Perth Basin. According to the release, W7 has intersected a high-quality conventional gas accumulation to the north-east of the currently producing Walyering gas field. A total of 23m of net gas pay with an average porosity of 16% has been measured.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended APM Human Services International. 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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