The benchmark S&P/ASX 200 index closed up yesterday, rising 0.8% or 34.5 points to 4280.6, following a rally on the Dow Jones Industrial Average Index the previous night. While there were broad rises across the market, the following three S&P/ASX200 stocks showed the strongest gains.
Seven Group Holdings Limited (ASX: SVW) rose 5.4 per cent to $10.34. The diversified operating and investment group includes WesTrac Australia and National Hire Group as well as a 33.2 per cent investment in Seven West Media Limited (ASX: SWM), and a 24.5 per cent investment in Consolidated Media Holdings Limited (ASX: CMJ).
WesTrac yesterday announced that it intended to acquire the distribution and support business formerly operated by Bucyrus in Western Australia, Australian Capital Territory and New South Wales from Caterpillar Inc (NYSE: CAT).
The transaction is valued at around US$400m, and WesTrac estimates annual revenues for the Bucyrus business to be in the range of A$600m to A$650m in 2013 financial year. The acquisition will also complement WesTrac's existing product offering, and increase exposure to the mining sector.
PanAust Limited (ASX: PNA) rose 5.39% to $3.13, and was up a further 3.8% to $3.25 in early trading today. The company is a copper and gold producer, with mining operations in Laos, Thailand and Chile.
The company released its quarterly activities report on the 12th April 2012, announcing that it was expecting to enter steady state production from its Ban Houayxai Gold-Silver Operation in Laos during the June quarter 2012. Production from PanAust's Phu Kham operation is expected to increase production of copper and gold by 5,000 tons and 7,500 ounces from late 2013. Above budget copper and gold production in the March 2012 quarter provides a solid foundation for the company to meet its guidance for the full year. The company is expecting to produce between 63,000 and 65,000 tons of copper in concentrate, 50,000 to 55,000 ounces of gold and 550,000 to 600,000 ounces of silver.
APN News & Media Limited (ASX: APN) rose 4.8% to $0.87. The company announced on Wednesday 11th April 2012, that a resolution to seek a stand-alone debt facility of $250m in funding had been passed successfully. The funding allows APN to sell 50 per cent of APN Outdoor to Quadrant Private Equity, and help refinance existing debt. As a result of the deal, APN will receive $190m in cash.
Other notable risers included MacMahon Holdings Limited (ASX: MAH) up 4.6% to $0.79, and Cabcharge Australia Limited (ASX: CAB), up 4.4% to $6.10.
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Motley Fool contributor Mike King doesn't own shares in any of the companies mentioned. The Motley Fool's purpose is to educate, amuse and enrich investors. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. Click here to be enlightened by The Motley Fool's disclosure policy.
