In afternoon trade the S&P/ASX 200 index is on course to record a very strong gain. At the time of writing the benchmark index is up a sizeable 1.6% to 6,850.3 points.
Four shares climbing more than most today are listed below. Here's why they are racing higher:
The National Veterinary Care Ltd (ASX: NVL) share price has rocketed an incredible 53% higher to $3.61. Investors have been fighting to get hold of the company's shares after it revealed that it has entered into a binding scheme implementation deed with VetPartners. According to the release, the scheme of implementation will see VetPartners acquire 100% of the issued share capital of National Veterinary Care by way of scheme of arrangement for $3.70 per share in cash.
The Nearmap Ltd (ASX: NEA) share price is up 7% to $2.82 despite there being no news out of the aerial imagery technology and location data company. However, a number of tech shares are surging higher on Monday following the news of a trade deal between the U.S. and China. At the time of writing the S&P/ASX 200 Info Tech index is up a sizeable 1.7%.
The Saracen Mineral Holdings Limited (ASX: SAR) share price is up 5.5% to $2.97. This follows reports that Northern Star Resources Ltd (ASX: NST) is planning to acquire the 50% interest in the Super Pit mine that Saracen does not own. Last month Saracen acquired its 50% stake from Barrick Gold Corporation for US$750 million. Investors appear happy that the two companies will potentially be partnering up at the high quality asset.
The Virgin Money UK PLC (ASX: VUK) share price is up a further 8% to $4.08. The UK-based bank's shares have been racing higher thanks to Boris Johnson's UK election victory on Friday. As the Conservative party won a parliamentary majority, this means it should be able to force Brexit legislation through parliament in the very near future.
