The S&P/ASX 200 index has followed the lead of U.S. markets and is pushing higher on Monday. In afternoon trade the benchmark index is up 0.4% to 6,733.8 points.
Four shares that are climbing more than most today are listed below. Here's why they are storming higher:
The Adairs Ltd (ASX: ADH) share price has continued its positive run and is up a further 8% to $2.48. Investors have been fighting to get hold of the homewares retailer's shares after it announced a binding agreement to acquire online retailer Mocka. Mocka operates online homewares websites in both Australia and New Zealand. It is expected to be highly accretive to earnings and will lift Adairs' online sales to a total of ~29% of overall sales.
The Medical Developments International Ltd (ASX: MVP) share price is up 3% to $7.47. On Friday the healthcare company announced that the Russian Ministry of Health has accepted its Marketing Authorisation Application (MAA) for review. The company submitted the MAA for Penthrox to be used for trauma pain on September 30. If successful, final approval is expected within 15 months.
The Nuchev Limited (ASX: NUC) share price is up 24% from its listing price to $3.23. Nuchev, which completed its IPO today, is a goat milk infant formula company that was founded by Ben Dingle in 2013. Mr Dingle is the co-founder of Synlait Milk Ltd (ASX: SM1), which is best known as the processing partner of A2 Milk Company Ltd (ASX: A2M). The company has its eyes on the Chinese infant formula market. It estimates that the goat milk side of it will be worth $9.2 billion per annum by 2023
The Worley Ltd (ASX: WOR) share price is up 3% to $15.11. Investors have been buying the engineering company's shares following the release of two positive announcements today. One was the award of an agreement from Sasol South Africa and the other was a new joint venture with the Atomic Energy Development Agency of the Republic of Uzbekistan.
