In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and is up 0.7% to 5,861 points, .
Four shares which are finishing the week with particularly strong gains are listed below. Here’s why they have rocketed higher today:
The DUET Group (ASX: DUE) share price has surged almost 10% to $3.01 after the Foreign Investment Review Board approved the acquisition proposal by the CKI Consortium. Although shareholders will get to vote on the proposal today, it looks to be a mere formality now. The DUET board has unanimously recommended that shareholders vote in favour of the scheme.
The Fortescue Metals Group Limited (ASX: FMG) share price has climbed almost 5% to $5.42 today after iron ore prices rebounded. According to Metal Bulletin the spot price for the benchmark 62% fines rose 1.2% overnight to US$65.36 a tonne. With Chinese futures pointing higher, it looks as though iron ore prices could continue their recovery tonight.
The Iluka Resources Limited (ASX: ILU) share price has jumped higher for a second day in a row, this time by 6% to $8.65. The mineral sands producer’s shares have now risen almost 18% in two days following the release of a positive quarterly update. Iluka’s shares were given an additional boost today after Ord Minnett upgraded its shares to an accumulate rating with an $8.80 price target.
The Jumbo Interactive Ltd (ASX: JIN) share price has risen sharply again, this time by almost 7% to $2.41. The operator of the OzLotteries website has seen its share price rise 30% in the last five trading sessions amid speculation that lottery disruptor Lottoland could be interested in acquiring the company.
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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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