Australian shares are up for the second-day in a row as investors ignore Greece's debt situation, and focus on picking up a few bargains after stock prices have been hammered. The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) and ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) are both up 0.7%, although these five stocks are climbing even faster…
Asciano Ltd (ASX: AIO) surged more than 20% to $8 per share after the national rail freight and cargo port operator received a takeover approach from Brookfield Asset Management. The company said that it has received a confidential, indicative, non-binding and conditional proposal at an implied value of $9.05 per share in cash and scrip which could imply another 13% upside potential from today's price tag.
Sirtex Medical Limited (ASX: SRX) rose 5.4% to $30.61 after the medical device group provided the market with fresh data on its recent SIRFLOX trial. The data revealed sub-group analysis from the trial which supports evidence regarding the benefits of its SIR-Spheres treatment for liver-only and liver-dominant patients in first-line metastatic colorectal cancer. You can read more about that, here.
Sydney Airport Holdings Ltd (ASX: SYD) rose 6% to $5.28 after falling 15% over the last month or so. The shares rose after Macquarie lifted their recommendation and price target on the stock to outperform and $5.54 per share (up from $5.36). Yesterday, the infrastructure group confirmed that it had agreed to lower the amount it charges on international airlines per passenger and work with those carriers to improve the passenger experience.
Money3 Corporation Limited (ASX: MNY) soared by more than 20% this morning, hitting a high of $1.37 after the payday lender said it had resolved a query regarding a previous loan product with the Australian Securities and Investments Commission (ASIC).
Although Money3 received legal advice that the loan product in question did not breach the National Consumer Credit Protection Act, it decided to pay a cash refund to certain customers in the total amount of $100,000 "as a demonstration of its commitment to customers." The shares were trading 14% higher as at the time of writing.
Notably, fellow payday lender Cash Converters International Ltd (ASX: CCV) also rose 5% on the news. The entire industry has been under pressure this year as a result of ASIC's investigation so investors are likely feeling more confident following the Money3 result.
