AU Evening Wrap: ASX rises 1.2%; GrainCorp climbs on soaring wheat prices

The $S&P/ASX 200 (.XJO.AU)$ rallied 78 points or 1.15 per cent to 6863.5. This afternoon's close was the highest since September 13.

$Graincorp Ltd (GNC.AU)$ jumped 7.86 per cent after Russia announced plans to walk away from a UN-brokered deal to allow Ukraine to export grain. The decision lit a fire under grain prices. Wheat futures jumped almost 8 per cent in the US. Corn gained 2.8 per cent and soybean oil 3 per cent, according to Bloomberg.

$Nitro Software Ltd (NTO.AU)$ surged 20.23 per cent to $2.08 after a US software company topped a takeover offer for the company from Potentia Capital. Alludo offered $2 cash per share, besting an offer last week from Potentia to acquire at $1.80 per share all the shares in Nitro it does not already own.

$BHP Group Ltd (BHP.AU)$ shed 0.32 per cent, $Rio Tinto Ltd (RIO.AU)$ 0.4 per cent and $Fortescue Ltd (FMG.AU)$ 0.41 per cent. Gold miner $Newcrest Mining Ltd (NCM.AU)$ fell 2.58 per cent, energy producer $Santos Ltd (STO.AU)$ 0.9 per cent and $Woodside Energy Group Ltd (WDS.AU)$ 0.06 per cent.

Payments platform $EML Payments Ltd (EML.AU)$ slumped 35.71 per cent after regulatory concerns forced its British subsidiary to suspend taking on new customers, agents and distributors. The pause will allow EML to address concerns similar to those raised by the Irish regulator. EML expects the suspension to knock less than $5 million off full-year revenues.