The S&P/ASX 200 Index (ASX: XJO) is rebounding slightly from yesterday's selloff. At the time of writing, the benchmark index is up 0.15% to 8,335.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are jumping:
Domain Holdings Australia Ltd (ASX: DHG)
The Domain share price is up 38% to $4.30. Investors have been fighting to get hold of the property listings company's shares after it received a $2.7 billion takeover offer from CoStar Group, Inc. (NASDAQ: CSGP). CoStar has made a non-binding offer of $4.20 cash per share, which represents a sizeable 34.6% premium to its last close price. The Domain board advised that it has commenced an assessment of CoStar's proposal.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is up 33% to $7.20. This morning, this pharmaceutical company revealed that it has accepted a takeover offer from Cosette Pharmaceuticals. The two parties have agreed a price of $7.40 per share, which represents a 36.8% premium to where the ASX 300 pharma stock last traded. Cosette Pharmaceuticals is a US based pharmaceutical company with a portfolio of products in women's health and dermatology. Management is recommending shareholders vote in favour of the transaction. This is in the absence of a superior offer and subject to the independent expert's report.
QBE Insurance Group Ltd (ASX: QBE)
The QBE share price is up 7.5% to $21.59. Investors have been buying this insurance giant's shares following the release of its full year results. QBE posted a 31.3% year on year increase in statutory net profit after tax to US$1.78 billion. This was driven by gross written premium growth of 3% and a combined operating ratio of 93.1%. In light of this strong result, the QBE board elected to boost its final dividend by 31% to 63 cents per share.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix Pharmaceuticals share price is up 14% to $30.18. This has been driven by the release of the pharmaceutical company's full year results following the market close on Thursday. Telix posted an impressive 56% increase in revenue to $783.2 million and a whopping 860% jump in profit after tax of $49.9 million. More strong growth is expected in FY 2025. Management is guiding to revenue of $1.18 billion to $1.23 billion for the year. This represents an increase of approximately 51% to 57%, respectively, year on year.
