In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to bounce back from yesterday’s selloff and is up an impressive 1.5% to 5,641.8 points.
Four shares that have climbed more than most on Thursday are listed below. Here’s why they are surging higher today:
The Cimic Group Ltd (ASX: CIM) share price has climbed 3.5% higher to $44.30 after the engineering company announced that its CPB Contractors business has been selected by the NSW Government to construct the Coffs Harbour Hospital Expansion Main Works. The project, which includes a new five-storey clinical services building, will generate revenue of approximately $116 million.
The Healius Ltd (ASX: HLS) share price has jumped 10% to $2.68 after revealing that it has received an unsolicited and highly conditional proposal from Jangho Hong Kong Limited to acquire all of the shares that it does not already own by way of a scheme of arrangement. Jangho Hong Kong Limited has offered $3.25 cash per share. At this stage the Healius board is not in a position to recommend the proposal, but is busy reviewing it.
The Pilbara Minerals Ltd (ASX: PLS) share price has zoomed over 14% higher to 71.5 cents after making two major announcements this morning. The first was a funding package for the stage 2 expansion of its 100%-owned Pilgangoora lithium-tantalum project in Western Australia to 5Mtpa. The second announcement was the signing of a non-binding memorandum of understanding with POSCO to consider a larger jointly owned chemical conversion facility to produce industry leading, high-grade hydroxide and carbonate products.
The Santos Ltd (ASX: STO) share price is up 5% to $5.54. Today’s gain is likely to be attributable to a rise in oil prices overnight. The energy producer’s shares fell heavily on Wednesday after a drop in prices, but a rebound overnight appears to have brought buyers back today.
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.