GKN (LSE: GKN) soars on news of a takeover, and Dunelm (LSE: DNLM) makes further progress.
The FTSE 100 (UKX) continues its good week, gaining another 20 points today to 5,703, in what could be its best week for a while. Is it sustainable? That depends a lot on what noises come out of Europe over the next few months, but let's hope so.
Naturally, every day there are some shares beating the indices and some falling behind. Here's a quick look at 3 of today's risers...
Aero acquisition
Shares in GKN (LSE: GKN) soared in morning trading, quickly gaining 25p for a 13% rise to 211p, after the vehicles and aviation engineer announced a new acquisition.
For the sum of £633m, paid mostly in shares, GKN will take over the aero engine division of Volvo, Volvo Aero, which makes components for engine turbines which are used in most civil aviation engines.
It's a welcome boost to the share price, which has fallen a little over the past couple of years. The shares are now on a forward price-to-earnings ratio of just 8 for the full year, with a 3.5% dividend expected.
Softly does it
Dunelm Group (LSE: DNLM), the maker of bedding, curtains and other soft furnishings, saw its price rise by 20p to 532p, a hike of 4%, after releasing an upbeat trading statement.
Sales rose by 12% on the year, with like-for-like sales growth accounting for a 3.1% rise, and 9% coming from new outlets. Pre-tax profit is expected to be ahead of the current consensus.
Today's rise has added to a good year for the shares, which are now up around 30%.
Board shake-up
Insurer Aviva (LSE: AV) saw its shares bumped up after announcing a reshuffle in the boardroom -- they're up 6p (2%) to 287p.
Following on from the appointment of new chairman John McFarlane, David McMillan will take the post of group transformation director, charged with implementing the company's new strategy, and there will be a couple of further shuffles as directors play musical chairs to fill the gaps.
Something is needed to reverse Aviva's recent fortunes -- maybe this focus on a new strategy will be it.
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> Alan does not own any shares mentioned in this article.
