The S&P/ASX 200 Index (ASX: XJO) is on course to end the week in a positive note. At the time of writing, the benchmark index is up 0.5% to 8,021 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Cettire Ltd (ASX: CTT)
The Cettire share price is up 5% to $1.42. This online luxury products retailer's shares have been under pressure in recent weeks amid concerns about its performance and tough trading conditions. However, some significant insider buying this week appears to have given investor sentiment a big boost. Its founder and CEO, Dean Mintz, picked up almost 11.5 million shares for a total consideration of $15.8 million earlier this week. Though, it is worth noting that he did sell 27.5 million shares for $127.3 million in March.
Predictive Discovery Ltd (ASX: PDI)
The Predictive Discovery share price is up 10% to 24.2 cents. This morning, it was revealed that fellow gold miner Perseus Mining Ltd (ASX: PRU) has increased its stake in the company. Perseus has lifted its relevant interest in the issued shares of Predictive Discovery to 19.9%. This is up from its 13.8% stake that was acquired last month. Investors appear to believe this could be the start of a takeover. However, Perseus advised that it "has no current intention to acquire control or make a takeover offer for Predictive."
QBE Insurance Group Ltd (ASX: QBE)
The QBE Insurance share price is up 1.5% to $16.30. This may have been driven by the release of a broker note out of Goldman Sachs this morning. In response to the release of an update from one of the insurance giant's peers, the broker has retained its buy rating and $20.00 price target on QBE's shares. It said: "We are Buy-rated on QBE because 1) QBE underlying trends look very positive 2) QBE's achieved rate increases continue to be ahead of loss cost inflation and rate adequate. 3) North America on a pathway to improved profitability. 4) Valuation not demanding. 5) Strong ROE."
Synlait Milk Ltd (ASX: SM1)
The Synlait Milk share price is up 5.5% to 38.5 cents. This follows news that a major shareholder's attempt to block the issue of shares to other shareholders as part of a recapitalisation has been dismissed. It advised: "The Panel considered that each of a2MC and Bright were acting in pursuit of their respective commercial interests, rather than as part of a coordinated strategy relating to control over voting rights. Accordingly, the Panel declined to call a section 32 meeting under the Act and, based on the information before it, will not take any further action in relation to this matter at this stage."
