In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has stormed higher by 0.9% to 5,595 points with all sectors in the green.
Although the majority of shares are posting gains today, five shares in particular have stood out. Here’s why they have rocketed higher:
Corporate Travel Management Ltd (ASX: CTD) shares are up over 4.5% to $16.82 after the travel agent announced the acquisition of Redfern Travel in the United Kingdom and Australia-based Andrew Jones Travel. Furthermore, management updated its full year EBITDA guidance to between $92 million and $97 million. This from the guidance provided at its AGM of between $85 million to $90 million.
Galaxy Resources Limited (ASX: GXY) shares have jumped 13% to 52 cents after the lithium miner revealed its pricing agreements for 2017. The miner has agreed to sell 120,000 tonnes of lithium carbonate to its existing Chinese customers for US$905 per tonne. Design changes at its processing plant resulted in higher grade lithium oxide and better prices.
oOh!Media Ltd (ASX: OML) and APN Outdoor Group Ltd (ASX: APO) have both rocketed higher after the two outdoor advertising companies announced plans to merge. The merger is expected to deliver $20 million in synergies within the first two years, as well as a 14% increase in earnings per share. I believe the deal looks to be a great one for both sets of shareholders.
Tatts Group Limited (ASX: TTS) shares have surged higher by 9% to $4.51 after the company confirmed that a consortium led by Macquarie Group Ltd (ASX: MQG) had bid $7.3 billion for its lotteries business. Whilst the Tatts board has yet to fully assess the proposal, they continue to believe that the merger with Tabcorp Holdings Limited (ASX: TAH) is in the best interests of shareholders.
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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Corporate Travel Management Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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