Australia's Austal jumps on $450 mln contract win

Austal

16/09/2024 01:46

** Shares of Austal  ASB.AX  advance as much as 8.5% to
A$2.43, set for best day since early April - if current gains
hold; shares up ~7.4% as of 0035 GMT
    ** Global shipbuilder and defence prime contractor says
Austal USA has been awarded $450 mln contract by General
Dynamics Electric Boat
    ** Contract to enable Austal USA to expand production
capacity at U.S. shipyard in support of the U.S. Navy Submarine
Industrial Base
    ** Co says contract award will fund Austal USA to enhance
its existing infrastructure, among others 
    ** Shares hit highest level since Aug 16 
    ** Stock had risen ~17.7% this year, as of last close

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))