The S&P/ASX 200 index has charged higher on Friday thanks largely to strong gains in the banking sector. In afternoon trade the benchmark index is up 0.7% to 6,697.5 points.
Four shares that have climbed more than most today are listed below. Here's why they are ending the week with a bang:
The Cynata Therapeutics Ltd (ASX: CYP) share price is up 12.5% to $1.80 after the clinical-stage stem cell and regenerative medicine company revealed that it has received a takeover approach. According to the release, Cynata has received an indicative, non-binding and conditional proposal from Sumitomo Dainippon Pharma regarding a possible acquisition at a price of $2.00 cash per share by way of a scheme of arrangement.
The Medical Developments International Ltd (ASX: MVP) share price is up 3% to $5.96 after the healthcare company provided an update on its Penthrox pain management product. According to the release, the company recently met with the U.S. FDA. As result, it expects to be in a position to address in full, all the clinical hold issues during the first quarter of 2020.
The National Australia Bank Ltd (ASX: NAB) share price is up almost 2.5% to $27.56. Investors have been buying the banking giant's shares today following the appointment of its new chief executive officer. According to the release, NAB has appointed veteran banking executive Ross McEwan as its new leader. Mr McEwan was previously the chief executive officer of the Royal Bank of Scotland.
The Resolute Mining Limited (ASX: RSG) share price has charged 6.5% higher to $1.73 thanks to another rise in the gold price overnight. The precious metal hit a two-week high overnight after U.S. rate cut bets increased following comments from a member of the Federal Reserve. Resolute isn't the only gold miner on the charge. At the time of writing the S&P/ASX All Ords Gold index is up a massive 4%.
