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The S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain on Wednesday. In early afternoon trade the benchmark index is up 0.8% to 5,883.8 points.
Four shares that have climbed more than most today are listed below. Here's why they are charging higher:
The Afterpay Ltd (ASX: APT) share price is up 3.5% to $51.22. At one stage today the payments company's shares were up as much as 5.5% to a new record high of $52.29. Investors have been buying Afterpay's shares after rival Zip Co Ltd (ASX: Z1P) announced its expansion into the lucrative U.S. market via the acquisition of QuadPay. While this will mean added competition, it may also help raise awareness of the payment method and accelerate its adoption with consumers and merchants.
The Infigen Energy Ltd (ASX: IFN) share price has surged 35% higher to 79.5 cents. Investors have been buying the renewable energy company's shares after it received a takeover approach. UAC Energy, an investment holding company owned by the AC Energy Group and UPC Renewables Australia, intends to make an off-market takeover bid of 80 cents per share.
The Qantas Airways Limited (ASX: QAN) share price is up 5% to $4.19. This appears to have been driven by a broker note out of UBS this morning. According to the note, UBS has retained its buy rating and $4.65 price target on the airline operator's shares. It appears optimistic that leisure and corporate travel markets will be given a big boost when state borders reopen.
The Zip Co share price has surged 25% higher to $6.48. Investors have been scrambling to buy the payments company's shares after it announced that it is expanding into the U.S. market with the acquisition of QuadPay. The all-scrip deal, which values QuadPay at approximately $400 million, will give Zip Co access to a retail market estimated to be worth US$5 trillion per year.
