The S&P/ASX 200 index has followed the lead of U.S. market and is on course to record a strong gain on Wednesday. In afternoon trade the benchmark index is up almost 0.5% to 6,684.4 points.
Four shares that have climbed more than most today are listed below. Here's why they have zoomed higher:
The GBST Holdings Limited (ASX: GBT) share price has rocketed 16% higher to $3.60 after the specialist financial technology company revealed that it has received two takeover approaches. FNZ Group has offered $3.50 cash per share and SS&C Technologies has returned with a $3.60 cash per share offer, which values GBST at $244 million. Judging by its current share price, investors appears to believe another higher bid is likely.
The Nufarm Limited (ASX: NUF) share price has risen 4.5% to $4.38 amid speculation that the struggling crop protection and specialist seeds company could be a takeover target. According to the Australian, Nufarm is believed to have drafted in JPMorgan and UBS as advisers after it was approached by a US-based private equity firm. No formal approaches are believed to have been made.
The St Barbara Ltd (ASX: SBM) share price has zoomed over 4% higher to $3.12 after the spot gold price rebounded strongly overnight. According to CNBC, the precious metal has pulled back a touch this afternoon, but has still gained 1.25% over the last 24 hours to US$1,425.60 an ounce. This gain has been sparked by a combination of global trade concerns and lower US treasury yields. The S&P/ASX All Ords Gold index is up 2.1% this afternoon.
The Woolworths Group Ltd (ASX: WOW) share price has pushed 3% higher to $33.85 after the conglomerate announced plans to combine and then demerge its Endeavour Drinks and ALH Group businesses. Management believes the separation will allow Woolworths to benefit from a simplified organisational structure, a greater focus on its core food and everyday needs markets, and opportunities to continue to build out its retail ecosystem. The two businesses generate combined sales of $10 billion at present.
