After a weak start, the S&P/ASX 200 index has started to push higher in afternoon trade. At the time of writing the benchmark index has edged 0.1% higher to 6,674.4 points.
Four shares that have climbed more than most today are listed below. Here’s why they have surged higher:
The Bellamy’s Australia Ltd (ASX: BAL) share price has rocketed 55% higher to $12.89 after the infant formula company received a takeover approach from Hong Kong-listed China Mengniu Dairy Company. The leading Chinese dairy product manufacturer has tabled a $13.25 per share offer, valuing Bellamy’s at $1.5 billion. The offer has been recommended by the Bellamy’s board, subject to no higher bids being made and the independent expert’s report.
The iSignthis Ltd (ASX: ISX) share price has zoomed 11.5% higher to $1.14 after the payments company provided a patent update. According to the release, the European Patent Office advised that intends to grant patent number EP2553642 ‘Methods and Systems for Verifying Transactions’. The patent will be granted across all 38 member states, including all EU member states and Turkey.
The Liquefied Natural Gas Ltd (ASX: LNG) share price has rocketed 22.5% higher to 30 cents after the liquefied natural gas producer announced a major supply agreement. According to the release, Delta Offshore Energy and Liquefied Natural Gas have formed an alliance with the Bac Lieu Provincial Government in Vietnam to deliver an LNG-to-power project for the province. This will see the company’s Magnolia LNG business deliver two million tonnes per annum of LNG to Delta.
The Santos Ltd (ASX: STO) share price has climbed 4% to $7.69 following a sharp rise in oil prices. Both Brent and WTI crude oil prices has surged higher on Monday after drone attacks on key oil refineries in Saudi Arabia threatened to reduce global supply temporarily. At the time of writing the WTI crude oil price is up 9% and the Brent crude oil price is up 10% according to Bloomberg.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Bellamy's Australia. 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.