Home Sports Why Australian Strategic Materials, Bega Cheese, Costa and Elmo shares are rising

Why Australian Strategic Materials, Bega Cheese, Costa and Elmo shares are rising


Image source: Getty Images

The S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. In afternoon trade, the benchmark index rose 0.1% to 6,807 points.

Four ASX stocks that are rising more than most today are listed below. Here’s why they grow:

Australian Strategic Materials (Hldngs) Ltd (ASX: ASM)

Shares in Australian Strategic Materials rose 16% to $2.41. This follows the release of the company’s quarterly update this morning. This update reminded investors that the commissioning of neodymium proseodymium (NdPr) metal and alloy products is nearing completion this quarter and has achieved positive results. The company also successfully produced a Neodymium Iron Boron (NdFeB) metal alloy during the commissioning of a tape casting machine.

Bega Cheese Ltd (ASX: BGA)

Bega Cheese shares rose 4.5% to $3.39. This is despite the diversified food company announcing the departure of its CEO Paul van Heerwaarden at its annual general meeting. He will step down in the coming months and be replaced by Chief Operating Officer Pete Findlay. Additionally, at the meeting, the company reaffirmed its fiscal 2023 EBITDA guidance in the range of $160 million to $190 million.

Costa Group Holdings Ltd (ASX: CGC)

Costa shares rose 11% to $2.48. Investors bought shares of this horticulture company after private equity firm Paine Schwartz Partners acquired 13.78% of shares. Payne, who previously owned Costa, paid an average of about $2.51 per share, representing a 12.5% ​​premium to Costa’s share price at yesterday’s close.

Elmo Software Ltd (ASX: ELO)

Elmo shares rose 40% to $4.63. This follows news that the HR and payroll platform provider is recommending a takeover bid from K1 Investment Management. The Los Angeles-based investment firm made an offer of $4.85 in cash per share, a 100% premium to Elmo’s share price before the company first announced the takeover stake earlier this month.


Previous articleInflation in Australia hits 7.3%, highest level since 1990, and interest rates now likely to be at their highest for a long time | Australia’s economy
Next articleFormer Argentina star Heinze has been appointed Newell’s Old Boys boss