In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up slightly to 8,542.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Civmec Ltd (ASX: CVL)
The Civmec share price is up over 6% to $1.20. This morning, this multi-disciplinary construction and engineering services provider announced the completion of the acquisition of Luerssen Australia from NVL Australia. Civmec's chair, James Fitzgerald, commented: "Bringing Luerssen Australia into the Civmec Group reinforces our commitment to building sovereign capability and delivering comprehensive shipbuilding solutions. We're focused on ensuring a smooth transition and continuing momentum on the OPV program. We welcome the Luerssen Australia team to CDI and look forward to working closely with the Commonwealth."
Dexus (ASX: DXS)
The Dexus share price is up almost 2% to $6.88. This may have been driven by a broker note out of Ord Minnett this morning. According to the note, the broker has upgraded the property company's shares to an accumulate rating with a $7.20 price target. It believes that Dexus is well-positioned for solid earnings growth thanks to falling interest rates and rising asset values.
James Hardie Industries plc (ASX: JHX)
The James Hardie share price is up almost 5% to $42.65. Investors have been buying this building products company's shares after it completed the acquisition of The Azek Company. James Hardie has paid the equivalent of US$8.4 billion to acquire Azek through a combination of cash and scrip. Commenting on the acquisition, James Hardie's CEO, Aaron Erter, said: "Together, we are a stronger team and have never been better positioned to serve our customers and create value for all our stakeholders. As a combined organization, our purpose of Building a Better Future for All will drive our continued success as a leading provider of exterior home and outdoor living solutions."
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is up 6% to $9.24. This appears to have been driven by the release of a broker note out of UBS this morning. The broker has been busy updating its earnings estimates for Australian fund managers. In response, UBS has retained its buy rating on Magellan's shares with an improved price target of $9.50. Though, there's now only modest upside of 2.8% for investors based on this price target.
