In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to keep its winning streak alive. At the time of writing, the benchmark index is up almost 0.2% to 7,864.4 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are pushing higher:
Latin Resources Ltd (ASX: LRS)
The Latin Resources share price is up 50% to 18 cents. This morning, this lithium developer announced that it has agreed to be taken over by industry giant Pilbara Minerals Ltd (ASX: PLS). The deal will see Latin Resources shareholders receive 0.07 new Pilbara Minerals shares for each Latin Resources share held. This will mean they own ~6.4% of Pilbara Minerals' shares upon implementation of the scheme. At yesterday's close, this valued the offer at 19.95 cents per share, which represented a 66.3% premium to where Latin Resources' shares ended Wednesday's session.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is up 9% to $10.58. Investors have been buying this fund manager's shares following the release of its full year results. Despite Magellan reporting a 25% reduction in its funds under management to $36.6 billion, this didn't stop the company from growing its profits. Magellan posted a 31% jump in statutory net profit after tax to $238.8 million. This allowed the company to declare a final dividend of 28.6 cents per share. It also declared a performance fee dividend of 7.1 cents per share.
Pro Medicus Limited (ASX: PME)
The Pro Medicus share price is up a further 3% to $145.49. This health imaging technology company's shares have been on fire since the release of its FY 2024 results on Wednesday. Pro Medicus reported a 29.3% increase in revenue to $161.5 million and a 36.5% lift in net profit to $82.8 million. This was ahead of the consensus estimate of $161.1 million for revenue and $80 million for net profit after tax. In response, this morning Goldman Sachs reiterated its buy rating and lifted its price target to $149.00.
Telstra Group Ltd (ASX: TLS)
The Telstra share price is up 2.5% to $3.96. Investors have been buying the telco giant's shares after it released its full year results and reported a 1% increase in total income to $23.5 billion and a 3.6% lift in underlying EBITDA to $8.2 billion. This allowed the Telstra board to increase its full year dividend by 5.9% to a fully franked 18 cents per share. Management is guiding to further underlying EBITDA in FY 2025 and narrowed its guidance range to $8.5 billion to $8.7 billion (from $8.4 billion to $8.7 billion).
