Australia's Adbri surges most in 6-1/2 months after raising 2023 EBITDA forecast

Adbri

15/12/2023 01:36

** Shares of Adbri  ABC.AX  rise as much as 11% to A$2.320,
posting their biggest intraday pct gain since May 25 
    ** Construction material firm says Kwinana Upgrade Project
cost and timing remains on track
    ** Project consolidates co's two existing cement production
sites
    ** Co hikes 2023 EBITDA forecast to A$310 mln-A$315 mln 
($207.76 mln-$211.11 mln) from ~A$306 mln
    ** Co cuts capital expenditure forecast to A$310 mln-A$320
mln range from A$330 mln-A$350 mln estimate provided in August
    ** Stock hits its highest level since Aug 30
    ** More than 1.3 mln shares change hands, compared with the
30-day average volume of 383,834 shares
    ** Stock up 26.3% YTD, as of last close   

($1 = 1.4921 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com))