Aussie agribusiness Elders rises as investors brush off weak H1

Elders

20/05/2024 04:26

** Shares of Australian agribusiness Elders Ltd  ELD.AX 
rise as much as 3.9% to A$8.530, marking their biggest intraday
pct jump since April 9
    ** ELD touches its highest level since April 24
    ** Trading 2.3% higher at A$8.40 as at 0257 GMT; earlier in
the day it fell as much as 3% to A$7.960
    ** Expects better trading conditions in 2H24 after a bleak
first-half; 1H24 underlying EBIT down 54% to A$38.4 mln while
underlying profit after tax down 72% to A$14.4 mln
    ** Reiterates FY24 underlying EBIT to be between A$120 mln
($80.39 mln) to A$140 mln
    ** Jefferies says ELD needs a "near-record 2H24" to hit
midpoint of guidance, which skews the EBIT 71% towards 2H24
    ** ELD up 9% this year, as of last close

($1 = 1.4928 Australian dollars)

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