The S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. In afternoon trade, the benchmark index is up slightly to 8,128.2 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Cedar Woods Properties Ltd (ASX: CWP)
The Cedar Woods share price is up almost 5% to $5.87. This property developer's shares have been racing higher this week following the release of its quarterly update. Cedar Woods had a stronger than expected quarter, which has led to management upgrading its guidance for FY 2025. It has now lifted its net profit after tax guidance to 15% from a minimum of 10%. Looking further ahead, management advised that "further strong profit growth is anticipated in FY26, with the company having secured significant presales of the product expected to settle in that financial year." Bell Potter was impressed and responded by retaining its buy rating and increasing its price target to $7.30.
Healius Ltd (ASX: HLS)
The Healius share price is up 5% to $1.53. Investors have been buying this healthcare company's shares after it announced the completion of the sale of its Lumus Imaging business to Affinity Equity Partners. Healius has received cash proceeds of $822 million, which represents $965 million enterprise value adjusted for repayment of equipment leases and closing adjustments. In light of this sale, Healius intends to pay a fully franked special dividend of approximately $300 million or 41.3 cents per share. CEO Paul Anderson said: "The sale of Lumus resets Healius' balance sheet and allows the business to focus on executing our pathology strategy by providing better services for our patients and referrers. With the simplification of our operations, we will also be in a position to streamline the corporate cost base."
Nextdc Ltd (ASX: NXT)
The Nextdc share price is up 5% to $12.43. A number of data centre shares are rising strongly today. This is possibly due to the release of the quarterly update of US data centre giant Equinix (NASDAQ: EQIX). As well as releasing a strong set of numbers, it raised its guidance due to growing demand for AI-related services.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum Asset Management share price is up 12% to 64 cents. Investors have been buying the fund manager's shares after it confirmed that it is in early-stage merger talks with L1 Capital. It is a private investment firm with global reach. The company's CEO, Jeff Peters, said: "L1 Capital is a first-class manager with a strong investment track record. The Potential Merger provides an attractive opportunity to combine expertise and resources, and we will continue to explore if it's in the best interests of Platinum shareholders."
