Australia's Adbri set for best day since 2007 on upbeat FY outlook

Adbri

25/05/2023 05:30

(Updates share moves, milestones and volume)
    ** Shares of Adbri Ltd  ABC.AX  jump as much as 14.7% to
A$1.835, on track for their best session since Feb. 22, 2007
        ** Construction materials firm says underlying NPAT for
the period ending April is "significantly above" last year
        ** ABC sees positive impact of last year's price
increases, as well as further pricing gains in 2023 across most
product lines 
    ** Demand from mining sector for cement and lime continues
to be strong and is anticipated to remain strong for remainder
of the year, ABC says
    ** Adds, however, that it expects cost headwinds to persist
in 2023
    ** Stock hits highest level since Feb. 27
        ** More than 3.5 mln shares change hands, vs 30-day
average volume of ~980,000
  
    ** Stock down 3.3% this year, as of last close

 (Reporting by Poonam Behura and Harish Sridharan in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))