Why Arcadium Lithium, Magellan, Neuren, and WA1 shares are storming higher today

These shares are having a good start to the week. But why?

| More on:
A man sees some good news on his phone and gives a little cheer.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.5% to 8,188.4 points.

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

Arcadium Lithium (ASX: LTM)

The Arcadium Lithium share price is up 44% to $6.01. This morning, Rio Tinto Ltd (ASX: RIO) confirmed reports that it was looking to make an offer for Arcadium Lithium. It has been tight-lipped on how much it is willing to pay, but sources claim a deal in the region of US$4 billion to US$6 billion could be on the cards. A successful deal would catapult Rio Tinto into becoming the world's third-largest supplier of lithium. It commented: "Rio Tinto today confirmed that it has made an approach to Arcadium Lithium regarding a potential acquisition of Arcadium Lithium by Rio Tinto. The approach is non-binding and there is no certainty that any transaction will be agreed to or will proceed."

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is up 5.5% to $10.14. This morning, Goldman Sachs retained its neutral rating on the fund manager's shares with an improved price target of $10.10. It commented: "Retain Neutral: Stabilising flows but persistent outflows in retail, performance track record chequered, upside risk through Barrenjoey & capital management; valuation fair."

Neuren Pharmaceuticals Ltd (ASX: NEU)

The Neuren Pharmaceuticals share price is up 3% to $14.46. Investors have been buying this pharmaceuticals company's shares following the release of an update on its meeting with the US FDA. Neuren reported positive outcomes from its End of Phase 2 Meeting with the US FDA to discuss proposals for the first ever pivotal clinical trial program in Phelan-McDermid syndrome (PMS). Neuren CEO, Jon Pilcher, said: "We are pleased with the outcomes of a very collaborative meeting with the FDA and are eager to move forward in our mission to develop NNZ-2591 as a first approved treatment for Phelan-McDermid syndrome, which has an overwhelming unmet need."

WA1 Resources Ltd (ASX: WA1)

The WA1 Resources share price is up 4% to $15.06. This follows the release of an update on the initial results from further process testwork at the 100% owned West Arunta Project in Western Australia. Managing director, Paul Savich, commented: "This refining testwork demonstrates the ability to produce a clean concentrate that will be utilised in upcoming conversion testwork, which will aim to produce a small quantity of ferroniobium end-product. We consider this another excellent outcome as we continue to progress our testwork programs."

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. 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.

More on Share Gainers

A man and a woman sit in front of a laptop looking fascinated and captivated.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a volatile, but positive, day for ASX shares this Thursday.

Read more »

Excited group of friends sitting on sofa watching sports on TV and celebrating.
Share Gainers

Why Block, GQG, Neuren, and Sigma shares are racing higher today

These shares are rising on Thursday. But why?

Read more »

Happy shareholders clap and smile as they listen to a company earnings report.
Share Gainers

Why Brainchip, Cooper Energy, Core Lithium, and Neuren shares are roaring higher today

These shares are having a good time on hump day. But why?

Read more »

Unsure man analysing data on laptop.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors endured a rough day of trading this Tuesday.

Read more »

A mature-aged couple high-five each other as they celebrate a financial win and early retirement
Share Gainers

Why this ASX 300 stock is soaring 12% after a disastrous year

This company has had a dramatic reversal of fortunes this Tuesday...

Read more »

A young woman wearing overalls and a yellow t-shirt kicks one leg in the air showing excitement over the latest ASX 200 shares to hit 52-week highs
Share Gainers

Why Core Lithium, Imugene, Lifestyle Communities, and Mineral Resources shares are charging higher

These shares are having a good session. What's going on?

Read more »

A young woman smiles as she rides a zip line high above the trees.
Share Gainers

4 ASX All Ords shares up 315% to 682% in a year!

Investors have sent these ASX All Ords shares flying higher. But why?

Read more »

Man standing on rock next to turquoise salt lagoon.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors enjoyed a great start to the trading week today.

Read more »