Why Arafura Rare Earths, Magellan, Metro Mining, and Santos shares are racing higher

These shares are having a strong session on Thursday. But why?

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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 on form again and having a strong session on Thursday. In afternoon trade, the benchmark index is up a solid 1% to 7,816.4 points.

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

Arafura Rare Earths Ltd (ASX: ARU)

The Arafura Rare Earths share price is up 6.5% to 19.2 cents. This has been driven by news that the rare earths developer has secured funding from the German government. It revealed that the government has issued conditional approval for up to US$115 million (AU$173 million) in Untied Loan Guarantees from Euler Hermes. The funds would support debt financing for Arafura's rare earths Nolans Project and will secure neodymium and praseodymium (NdPr) supplies for German-based companies.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is up 6% to $9.09. Investors have been buying this fund manager's shares following the release of its monthly update. In June, Magellan revealed that net flows were flat. This comprised net retail outflows of $0.2 billion and net institutional inflows of $0.2 billion. It also revealed that it will be entitled to estimated performance fees of approximately $19 million for the year ended 30 June 2024.

Metro Mining Ltd (ASX: MMI)

The Metro Mining share price is up 6% to 5.4 cents. This follows the release of a trading update from the bauxite producer. Management advised that it has established a new second quarter shipment record of 1.42 million wet metric tonnes. This is up 12% year on year. This is despite the quarter being classed as the "commissioning quarter" for the new 7 million wet metric tonnes per annum expansion project.

Santos Ltd (ASX: STO)

The Santos share price is up 5% to $8.04. This has been driven by reports that the energy producer could be a takeover target again. According to Bloomberg, both Saudi Aramco and the Abu Dhabi National Oil Co are considering takeover bids for Santos. Bloomberg notes that these energy companies were looking to increase their international gas exposure. The media outlet's sources also suggested that "other potential buyers" could be interested in acquiring the ASX 200 energy giant. However, at present, there has been no comment from Santos, Abu Dhabi National Oil Co, nor Saudi Aramco. Last year, Woodside Energy Group Ltd (ASX: WDS) failed in its attempt to acquire its rival.

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. 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 no position in any of the stocks mentioned. 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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