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Why Aveo Group, Appen, CSL, & Fortescue shares raced higher today

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.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia owns shares of Appen Ltd. 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.

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