The S&P/ASX 200 Index (ASX: XJO) is back on form on Tuesday and storming higher. In afternoon trade, the benchmark index is up 0.95% to 7,773.6 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are pushing higher:
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Capitol Health Ltd (ASX: CAJ)
The Capitol Health share price is up 10% to 29.7 cents. On Monday, this diagnostic imaging company announced that it had accepted a merger offer from Integral Diagnostics Ltd (ASX: IDX). The latter made an offer with an implied exchange ratio of 0.12849 Integral Diagnostics shares for every Capitol Health share. This equated to 32.6 cents per share at the time, which was a 33% premium to Friday's closing price. Ord Minnett notes that the proposed merger will establish a clear number three player in the Australian diagnostic imaging sector.
Infratil Ltd (ASX: IFT)
The Infratil share price is up almost 4% to $10.43. Investors have responded positively to the infrastructure investment company's capital raising. It has raised NZ$1 billion at a 6.8% discount of NZ$10.15 per new share. Infratil CEO, Jason Boyes, said: "We are very pleased with the strong level of support for the Placement, particularly from our existing shareholders. We are also excited to welcome several high quality institutional investors onto our register. The capital raised will create significant capacity to fund growth investments at our Trans-Tasman data centre platform, CDC, and across the broader Infratil portfolio."
Newmont Corporation (ASX: NEM)
The Newmont Corporation share price is up almost 2.5% to $62.51. This appears to have been driven by a broker note out of UBS this morning. According to the note, the broker has upgraded the gold miner's shares to a buy rating with a $75.00 price target. This implies potential upside of 20% for investors from current levels.
Race Oncology Ltd (ASX: RAC)
The Race Oncology share price is up 18% to $2.08. Investors have been buying this clinical stage biopharmaceutical company's shares after the United States Food and Drug Administration (FDA) extended Rare Paediatric Disease Designation (RPDD) to RC220 bisantrene for the treatment of childhood subtypes of acute myeloid leukemia (AML). This qualifies a sponsor eligible to receive a Priority Review Voucher (PRV) from the FDA at the time of marketing approval or authorisation for drug in the paediatric rare disease area. PRVs are transferable and very valuable. Management notes that two PRVs have been sold in recent times for US$110 million.
