The S&P/ASX 200 Index (ASX: XJO) is on form on Wednesday and pushing higher. At the time of writing, the benchmark index is up 0.75% to 8,435.7 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
The BWP Trust share price is up 4.5% to $3.44. Investors have been buying the Bunnings Warehouse-focused property company's shares following the release of its half year results. BWP posted a 22% increase in revenue to $100.6 million and a 15% lift in profit before fair value movements to $66.1 million. Management advised that this reflects an $18.1 million increase in rental income due largely to the acquisition of NPR in March 2024, together with annual rent increases. Total profit was up 195% over the prior corresponding period to $157.1 million. However, this includes $91 million of gains in fair value movements. BWP increased its interim distribution by 2% to 9.2 cents per share.
The Insignia Financial share price is up 7% to $4.62. This follows news that a third private equity firm has tabled a takeover offer for the financial services company. Insignia Financial revealed that it has received a confidential, non-binding, and indicative proposal from Brookfield Capital Partners. It has offered to acquire all Insignia Financial's shares for $4.60 cash per share. This matches what has already been offered by CC Capital and Bain Capital. Investors appear hopeful that the bidding war could only be getting started.
The Nufarm share price is up 3.5% to $3.81. This appears to have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has upgraded the agricultural chemicals company's shares to a buy rating with an improved price target of $4.35 (from $4.25). It commented: "Our upgrade is predicated: (1) NUF's discount to global peers, which has widened in recent months (from ~13% at FY24 results to ~25%); (2) a bottoming trend in export values ex-China reversing some of the pricing headwinds of FY24; (3) we expect NUF and peers to commence cycling softer YOY comparisons from 1Q25; and (4) little or no value ascribed for the upside in Beyond yield initiatives."
The Pinnacle share price is up 4% to $26.20. Investors have been buying this investment management company's shares after it released its half year results and revealed a surge in profits. Pinnacle reported that its net profit after tax was up 151% over the prior corresponding period to $75.7 million. This allowed the company's board to lift its interim dividend by 112% to 33 cents per share.
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