Incitec Pivot hits 2-1/2-month high on Australia fertiliser business sale report

Dyno Nobel

02/08/2023 05:11

** Shares of Incitec Pivot  IPL.AX  rise as much as 2.64% to
A$3.1, their highest since May 16 
    ** Top fertiliser maker has tapped Indonesia's Pupuk Kaltim
as preferred buyer of its big Australian fertilizer business,
according to Australian Financial Review 
    ** The unit is expected to be worth about A$1.5 bln 
($989.10 mln) - newspaper 
    ** Incitec, Pupuk Kaltim did not immediately respond to
Reuters requests for comments 
    ** More than 5 mln shares change hands, compared with the
30-day average volume of 7.9 mln shares 
    ** Five of 11 analysts rate the stock "buy" or higher and
six "hold"; their median PT is A$3.32 – Refinitiv data
    ** Stock had fallen 19.4% this year, as of last close

($1 = 1.5165 Australian dollars)

 (Reporting by Aishwarya Nair in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))