Australia's Austal hits over 2-week high on ending US Navy contract

Austal

01/10/2025 06:56

** Shares of shipbuilder Austal ASB.AX rise 4.8% to A$8.11, their highest level since September 15

** On track for best day since August 29 if current gains hold

** Co to permanently stop construction of T-ATS 14 and T-ATS 15 ships for U.S. Navy, which were financially onerous

** About 3.3 mln shares change hands, 1.8x the 30-day average of 1.8 mln

** Stock has more than doubled in value so far this year

 (Reporting by Jasmeen Ara Shaikh in Bengaluru)

 ((Jasmeenaraislam.Shaikh@thomsonreuters.com;))