Adbri hits over 13-year low on CEO resignation, weak outlook

Adbri

17/10/2022 01:35

** Shares of Adbri Ltd  ABC.AX  tank as much as 19.6% to
A$1.48, their lowest since March 12, 2009
    ** The construction materials maker says Nick Miller will
resign as CEO and managing director due to COVID-19 challenges,
to be replaced by Mark Irwin in an interim role  urn:newsml:reuters.com:*:nASX109qcl
    ** ABC sees underlying NPAT (excluding property and
significant items) of A$75 mln ($46.68 mln) to A$85 mln for FY
    ** Says extreme rainfall events and inflationary headwinds,
particularly energy and diesel costs, have continued to impact
margins
    ** ABC top pct loser in the benchmark index  .AXJO 
    ** Stock posts its biggest intraday pct fall since Aug 22
    ** More than 4.9 mln shares change hands, more than
quadruple the 30-day average volume of ~1.2 mln shares
    ** Stock down 34.8% this year, as of last close
    ($1 = 1.6067 Australian dollars)
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))