In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.15% to 7,825.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Challenger Ltd (ASX: CGF)
The Challenger share price is up 6.5% to $7.33. Investors have been buying this annuities company's shares following the release of its FY 2024 results. Challenger was well and truly on form during the 12 months, reporting a 17% increase in normalised net profit before tax to $608 million. Challenger's CEO, Nick Hamilton, was pleased with the results. He said: "Challenger delivered a very strong financial performance, executed on our growth strategy and made strategic investments around the customer and our capability to support our long-term sustainable growth."
Orora Ltd (ASX: ORA)
The Orora share price is up 17% to $2.23. This has been driven by news that the packaging company has received and rejected a takeover offer from Lone Star. Under the indicative proposal, Orora shareholders would have been entitled to receive $2.55 per share, less any dividends declared or payable. However, the board labelled the offer opportunistic and doesn't believe it is in the best interests of shareholders. It explains: "The Board, together with its advisers, carefully considered the Indicative Proposal and determined that it is not in the best interests of its shareholders to further engage with Lone Star on the basis of the Indicative Proposal, which materially undervalues Orora."
Sims Ltd (ASX: SGM)
The Sims share price is up 9.5% to $10.61. This follows news that the scrap metal company has signed an agreement to sell its UK Metal business to Unimetals Group for GBP195 million (~A$385 million). In addition, it has signed a letter of intent to sell its remaining interest in CLP Circular Services for approximately US$32 million (~A$50 million). Management commented: "We believe that divesting UKM and Circular Services unlocks significant value for shareholders, which is not reflected in the current share price. Between the two sales announced today we will realise after tax cash proceeds of approximately A$435 million, which will be received in the first half of FY25."
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price is up 24% to $11.80. This is despite the online homewares retailer reporting a sharp decline in profit for FY 2024. Temple & Webster reported a 26% increase in revenue to a record of $498 million but a 78% decline in net profit after tax to $1.8 million. The company's top line growth was underpinned by a 31% increase in active customers to a record of 1.1 million. Pleasingly, this strong growth has continued so far in FY 2025, with revenue up 26% during 1 July to 11 August.
