Australia's Alloggio gains most in nearly 2 weeks on acquiring peer company

Alloggio

08/02/2022 03:13

** Shares of the rental accommodation firm  ALO.AX  climb as
much as 10.3% to A$0.160, on track for their sharpest single-day
pct jump since Jan. 27 
    ** Co acquires holiday property management business Best of
Magnetic in North Queensland for A$2.95 mln ($2.10
mln) urn:newsml:reuters.com:*:nASX7kD9qv
    ** Says deal adds ~160 properties to ALO's total portfolio
of ~1,800 holiday properties on the east coast of Australia
    ** Says deal is expected to be immediately
earnings-accretive for Alloggio
    ** More than 543,200 shares change hands, compared with the
30-day average volume of ~331,100 shares  
    ** Stock down 21.6% this year, as of last close

($1 = 1.4023 Australian dollars)

 (Reporting by Roushni Nair in Bengluru)
 ((Roushni.Nair@thomsonreuters.com;))