The Australian share market is sitting nearly 1% higher this afternoon despite a string of disappointing earnings reports from companies such as Insurance Australia Group Ltd (ASX: IAG) and Ardent Leisure Group (ASX: AAD).
In fact, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) rose as high as 5,910 points, which is its highest level in nearly seven years. Here are four companies acting as a driving force behind the bourse's rally.
Toll Holdings Limited (ASX: TOL), a $4.36 billion company, has surged more than 47% in today's session after the integrated logistics provider received a massive takeover bid from Japan Post. Japan Post is aiming to become a leading global logistics player and valued Toll at $6.5 billion, offering $9.04 per share for the business. Shareholders will vote on the proposed acquisition in May.
Amcor Limited (ASX: AMC) announced its half-year results yesterday, reporting a net profit of US$321.3 million on sales revenue of US$4.8 billion – an increase of 6.7% and 0.3% respectively. In addition, it announced a US$500 million on-market share buyback and a 25% improvement on its interim dividend (foreign currency adjusted), which obviously appealed to investors. The stock has risen 5.5% today, complementing its 2.6% jump on Tuesday.
Sirtex Medical Limited (ASX: SRX) has shot up 9.3% to be trading at $32.90 after it reported a whopping 58% increase in its half-year net profit ($17.7 million) on the back of a 37.3% lift in revenue. Over the period, the company sold 4,950 units of its SIR-Spheres microspheres, which represented growth of 26.3% compared to the prior corresponding period. The company said the outlook in each of its markets is positive and is driven by the large unmet global medical need for its liver cancer therapy.
Woodside Petroleum Limited (ASX: WPL) jumped 4.3% to be trading at $36.40 which is its highest price in more than a month. While the company has come under pressure as a result of the crashing oil price, it still managed to post a 38% rise in full-year earnings to US$2.41 billion. Meanwhile, it also lifted its final dividend by 40% to 144 US cents.
