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:
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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."
