The S&P/ASX 200 Index (ASX: XJO) is having a strong session on Tuesday. In afternoon trade, the benchmark index is up 0.95% to 8,842.6 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are pushing higher:
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Electro Optic Systems Holdings Ltd (ASX: EOS)
The EOS share price is up 11% to $11.12. On Monday, this defence and space company announced an agreement to acquire the MARSS counter-drone command and control business. It is a Europe-based provider of advanced software and AI systems used to detect, track, and respond to drone threats. EOS agreed an upfront cash amount of US$36 million (A$54 million) with a potential earn-out consideration of up to 100 million euros (A$174 million). This extra consideration is linked to how many new third-party contracts MARSS secures over the earn-out period.
Elevra Lithium Ltd (ASX: ELV)
The Elevra Lithium share price is up 9% to $9.98. This may have been driven by a broker note out of Macquarie Group Ltd (ASX: MQG). Its analysts have retained their outperform rating on the lithium miner's shares with an improved price target. The broker lifted its valuation to reflect higher than expected lithium prices. Though, with its price target now at $8.50 (from $7.00), Elevra Lithium's shares are trading comfortably ahead of this.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price is up 2.5% to $15.16. This is despite the rare earths producer revealing that its CEO, Amanda Lacaze, is retiring after 12 years in the role. Lynas' chair, John Humphrey, remains positive on the company's outlook despite the exit. He said: "It is thanks to Amanda's hard work, drive and tenacity that Lynas is today a leading rare earths producer and critical supplier to global manufacturing supply chains. Under Amanda's leadership, the company's production and operating footprint has grown and our market value has increased from around $400 million in 2014 to close to $15 billion. This provides an excellent foundation for the company's continued growth and development."
New Murchison Gold Ltd (ASX: NMG)
The New Murchison Gold share price is up 10% to 5.6 cents. This morning, this gold miner announced high grade gold results from a reverse circulation drill program at the Lydia Gold Prospect. New Murchison Gold's CEO, Alex Passmore, commented: "We are very pleased to provide this exploration update including high grade results for the Lydia gold prospect. Lydia sits on a granted mining lease very close to the Crown Prince Operation. We believe we can leverage off existing infrastructure (offices, maintenance facility, crusher, and sampling preparation facility) to bring Lydia online relatively quickly. NMG is working towards including Lydia into its resources and reserves inventory."
