Why API, Evolution, Flight Centre, and Sydney Airport shares are pushing higher

These ASX shares are on form on Monday…
The post Why API, Evolution, Flight Centre, and Sydney Airport shares are pushing higher appeared first on The Motley Fool Australia. –

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and on course to start the week with a small decline. At the time of writing, the benchmark index is down 0.2% to 7,440.9 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:

Australian Pharmaceutical Industries Ltd (ASX: API)

The Australian Pharmaceutical Industries share price is up 3.5% to $1.54. Investors have been buying the pharmacy chain operator and distributor’s shares after it accepted a takeover offer from Wesfarmers Ltd (ASX: WES). The two parties have agreed a price of $1.55 cash per share. This will be reduced by any dividends paid between now and completion. Wesfarmers’ offer represents a 35.4% premium to the undisturbed closing API share price on 9 July 2021 (prior to Wesfarmers’ first offer of $1.38 per share).

Evolution Mining Ltd (ASX: EVN)

The Evolution share price is up 4% to $3.88. Evolution and a number of other gold miners are charging higher today after the gold price rose on Friday night in response to dovish central bank comments relating to interest rates. The S&P/ASX All Ordinaries Gold index is up 2.4% at the time of writing.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is up 5.5% to $21.08. This gain appears to have been driven by news that the United States is opening its border to vaccinated travellers. This change will occur from Monday and is expected to give the travel industry in the massive US market a big boost.

Sydney Airport (ASX: SYD)

The Sydney Airport share price is up almost 3% to $8.46. Investors have been buying the airport operator’s shares after it released an update on a takeover approach. According to the release, Sydney Airport has accepted an offer of $8.75 per share from a consortium of investors led by IFM Investors and Global Infrastructure Partners. This compares to the initial offer by the consortium of $8.25 per share made in July. The latest offer represents a total consideration of $32 billion on an enterprise value basis.

The post Why API, Evolution, Flight Centre, and Sydney Airport shares are pushing higher appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

Sydney Airport (ASX:SYD) share price takes off on $32bn takeover deal

Why the Qantas (ASX:QAN) share price is flying 4% higher today

Flight Centre (ASX:FLT) share price leaps 5% as US borders to reopen

ASX 200 (ASX:XJO) midday update: Sydney Airport agrees to takeover, Wesfarmers’ strikes API deal

These 6 ASX shares are going ex-dividend this week

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Wesfarmers Limited. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!