The Australian sharemarket has risen strongly today, defying the weak lead that was set by Wall Street on Friday night. The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has rebounded above the 5,100 point level, up 1.2% for the day, but these four companies have enjoyed even stronger gains.
M2 Group Ltd (ASX: MTU) rose as much as 24% earlier after it was announced the telco would merge with Vocus Communications Limited (ASX: VOC), with M2 Group shareholders to receive 1.625 Vocus shares for each M2 Group share held. The shares have since retreated to $9.59, up 13.9% for the day, with Vocus' shares also falling in value. You can read more about the merger, here.
Slater & Gordon Limited (ASX: SGH) was back on top today, with its shares lifting 6.7% to $2.85. The legal eagle has been completely out of the market's favour in recent months with its accounts being investigated by the Australian Securities and Investments Commission (ASIC). With the group's audited full-year results due out this week however, investors are clearly becoming more confident (or hopeful) with what they will see.
XERO FPO NZ (ASX: XRO) shares gained 3.1% with the stock now fetching $13.92, up from $11.90 a little over a week ago. The accounting software provider's shares have been hammered during the recent market volatility which has created what appears to be a very reasonable investment opportunity. It seems investors are taking advantage, today.
Virtus Health Ltd (ASX: VRT) is another company that has been hit hard in recent months after the company reported a loss of market share in the IVF industry. While this is clearly something investors will need to keep an eye on, the shares certainly started to look oversold. They're up 4.9% today, and 23% over the last month or so, at $5.62.
