In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.35% to 6,618.1 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are storming higher:
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Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is up 8% to $4.05. Investors have been buying this mineral exploration company's shares following the release of a drilling update. Chalice revealed that a new nickel-copper-PGE sulphide zone has been intersected in initial drilling at the Dampier target, ~10km north of the Gonneville Deposit. This is the first significant indication of orthomagmatic sulphide mineralisation outside of the Gonneville Deposit and is considered an exciting result.
Damstra Holdings Ltd (ASX: DTC)
The Damstra share price is up 19% to 18.5 cents. This morning the enterprise protection software provider confirmed media reports that it has been in takeover talks with Accel-KKR. And while these talks have now ended without a deal being reached, this hasn't stopped investors from buying shares today.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price is up 6% to $4.06. Investors have been buying this administration services company's shares amid news that Dye & Durham has lifted its takeover offer from $4.30 per share to $4.57 per share. The Link board advised that it will consider this revised offer.
Pinnacle Investment Management Group Ltd (ASX: PNI)
The Pinnacle share price has jumped 10% to $8.35. The catalyst for this was the release of a market update which revealed that performance fees from its affiliates totalled approximately $57.1 million in FY 2022. This includes a sizeable $38.3 million from the second half of the financial year. Pinnacle's net share of these performance fees is approximately $16.4 million.
