The S&P/ASX 200 index has returned to form on Wednesday and is pushing higher this afternoon. At the time of writing the benchmark index is up 0.1% to 6,572 points.
Four shares that are climbing more than most today are listed below. Here's why they have raced higher:
The Aveo Group (ASX: AOG) share price is up 5.5% to $2.12 after the retirement living company received a takeover approach from Brookfield Property Group. The offer by Brookfield represents total value of $2.195 per security, inclusive of a 4.5 cents per security dividend. The full Aveo board of directors unanimously recommends that Aveo securityholders vote in favour of the scheme in the absence of a superior proposal and subject to an Independent Expert report.
The Appen Ltd (ASX: APX) share price has risen 2% to $26.11. Today's gain appears to be attributable to the positive night of trade on Wall Street's technology-focused Nasdaq-index overnight. Appen isn't the only tech share on the rise today. The S&P/ASX 200 Info Tech index is up 1.3% at the time of writing.
The CSL Limited (ASX: CSL) share price has pushed 5.5% higher to $231.55 after the release of a strong full year result. The biotherapeutics giant posted revenue of US$8,539 million and net profit after tax of US$1,919 million. This was an 11% and 17% year on year increase, respectively, in constant currency. Pleasingly, management expects the solid growth to continue in FY 2020 and has provided net profit after tax growth guidance of 7% to 10%. This includes the one-off financial headwind of transitioning to a new model of direct distribution in China.
The Fortescue Metals Group Limited (ASX: FMG) share price is up over 3% to $7.43 after trade war tensions eased and led to a rebound in a number of commodity prices. In addition to this, a positive broker note out of Goldman Sachs has given its shares a boost. Goldman has upgraded Fortescue's shares to a buy rating from neutral due to its belief that iron ore prices will stay higher for longer.
