The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its stunning run and stormed higher again on Thursday. In afternoon trade the benchmark index is up 1.2% to 6,247.5 points.
Four shares that have climbed more than most today are listed below. Here’s why they have raced higher:
The Aristocrat Leisure Limited (ASX: ALL) share price has raced 4% higher to $31.79. With no news out of the gaming technology company today, I suspect this gain could be down to the weakening Australian dollar. As Aristocrat Leisure generates a large portion of its revenue in the United States, its already stellar profit growth could be given an additional boost through favourable currency movements. While I think it is approaching fair value now, I still see a lot of value in its shares for those that are prepared to buy and hold.
The APN Outdoor Group Ltd (ASX: APO) share price has stormed 12% higher to $6.56 after outdoor advertising giant JCDecaux made an unsolicited, non-binding and conditional acquisition proposal. According to the release, JCDecaux has offered to acquire 100% of the issued share capital of APN Outdoor at a price of $6.52 per share.
The Fastbrick Robotics Ltd (ASX: FBR) share price has surged 6% higher to 18 cents. This gain is likely to be attributable to an announcement out of the robotics company on Wednesday. That announcement revealed that the company has its eyes on disrupting the Mexican construction market. It has signed a strategic collaboration agreement with Mexican developer GP Vivienda and the two parties will explore the possibility of pilot testing the Hadrian X bricklaying robot in the country.
The Fleetwood Corporation Limited (ASX: FWD) share price has rocketed 11% to $2.16 after it agreed to sell its Coromal and Windsor Caravan brands and associated raw materials and finished goods stock to Apollo Tourism & Leisure Ltd (ASX: ATL). Shareholders appear to be relieved to see the back of this loss-making collection of brands.
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Motley Fool contributor James Mickleboro has no position in any of the 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 Scott Phillips.