The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) traded almost one percent higher on Monday, led up by gains from European markets on Friday and a surge in commodity prices.
However, shares of the four following businesses were soaring higher than the market today.
Ethane Pipeline Income Fund (ASX: EPX) – up 30%
Ethane Pipeline Income Fund shares flew 30% higher on news that gas pipeline giant, APA Group (ASX: APA), proposed to acquire the business, giving it an implied value of $130 million. The unconditional, all-cash, takeover offer has already received agreement from Ethane Pipeline Income Fund's independent directors. APA currently holds 6.08% of the company and externally manages it through a Management Services Agreement. Moreover, APA also provides operational and maintenance services.
BHP Billiton Limited (ASX: BHP) – up 5%
In London on Friday, BHP Billiton shares flew more than 6% higher as commodity prices surged. In response to dramatic falls in major commodities, BHP Billiton's share price fell into a nosedive in 2015. It recently cut its dividend payout below expectations as analysts and investors piled on pressure for the global miner to shore up its balance sheet. Investors may now be seeing value in the miner's share price.
Fortescue Metals Group Limited (ASX: FMG) – up 11%
Fortescue Metals Group's share price rallied above $2.70 today and has now risen more than 47% for the month. A rebounding iron ore price, sparked by stimulus from the Chinese government, together with significant reductions in operating costs, are the likely catalysts for Fortescue's resurrected share price.
Slater & Gordon Limited (ASX: SGH) – up 8%
Slater & Gordon Limited shares have also been on a tumultuous ride in recent times. The law firm has been in-and-out of the media nearly as much as it has featured on the ASX's most shorted list. The embattled law firm did not release any company-specific news today that could explain its rise.
