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.
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 NATVETCARE FPO. The Motley Fool Australia owns shares of and has recommended Nearmap 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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