NZ's Cavalier Corp hits 1-1/2-month high on upbeat sales

Bremworth

17/09/2020 03:38

** Shares of Cavalier Corp Ltd  CAV.NZ  gain as much as 8%
to NZ$0.405, their highest since Aug 3
    ** The carpet maker says since emerging from the COVID-19
lockdown in New Zealand and restrictions in Australia in May,
sales volumes have been stronger than expected  urn:newsml:reuters.com:*:nNZW97MXsY
    ** For FY to date, co reports total carpet volumes in New
Zealand up over 7% on the same period last year
    ** However, co says softer performance in Australia is party
due to renewed COVID-19 restrictions in Victoria and New South
Wales, where nearly 60% of its active retailers are based
    ** Co adds that net debt has decreased from NZ$17.7 mln
($11.84 mln) in Dec 2019 to NZ$7.2 mln at the end of Aug 2020
    ** Shares of co post their biggest intraday pct rise in more
than a week
    ** Stock among biggest percentage gainers in the S&P NZX All
Capital index  .NZCI 
    ** Including session gains, Cavalier stock up 21.9% this
year

    ($1 = 1.4945 New Zealand dollars)

 (Reporting by Deepali Saxena)
 ((Deepali.Saxena@thomsonreuters.com; Twitter:
@deepalisaxenas;))