Thanks partly to strong gains in the banking sector, the S&P/ASX 200 Index is on course to finish the week on a positive note. In afternoon trade the benchmark index is up 0.7% to 6,242.2 points.
Four shares climbing more than most today are listed below. Here's why they are ending the week with a bang:
The CYBG PLC (ASX: CYB) share price has climbed 5.5% to $3.88. This morning the UK-based bank's shares were given a boost when European Union leaders granted the UK a six-month extension to Brexit. According to the BBC, the UK has been granted a new deadline of October 31, removing the danger of the UK having to leave the EU without a deal on Friday.
The GBST Holdings Limited (ASX: GBT) share price has rocketed 22% higher to $2.42 after Bravura Solutions Ltd (ASX: BVS) announced that it has made a $2.50 takeover bid. Bravura believes that its indicative proposal provides a number of benefits to its shareholders including an attractive premium, certain value, and reduced uncertainty. GBST has not yet responded to the offer, but the market appears confident in a deal being made judging by the share price reaction.
The Perpetual Limited (ASX: PPT) share price has pushed 5% higher to $42.63 after the fund manager released its latest funds under management update. Although Perpetual recorded $1.9 billion of fund outflows during the March quarter, funds under management only decreased by $300 million thanks to strong gains by equities. Investors may have been expecting even worse from Perpetual.
The Zip Co Ltd (ASX: Z1P) share price has jumped 9% to $2.34 despite there being no news out of the buy now pay later company. At one point today the Zip Co share price was 12% higher at an all-time high of $2.41. When its shares reached this level it meant they had gained a remarkable 119% since the start of the year.
