Australia's Engenco jumps most in over a year on deal with Rio Tinto

Engenco

13/06/2023 04:27

** Shares of Engenco Ltd  EGN.AX  jump as much as 17.7% to
A$0.400, posting their biggest intraday pct gain since Feb 21,
2022
    ** Gemco Rail, a part of the transport solutions provider,
is partnering with Rio Tinto  RIO.AX  to bring local iron ore
rail car manufacturing and bearing maintenance to the Pilbara
region
    ** Says contracts are expected to collectively be worth
about A$150 million ($101.31 million)
    ** Shares hit their highest level since May 16
    ** Volumes are about 7.2x the 30-day average of 14,148
shares  
    ** EGN stock down ~19% this year, as of last close 


($1 = 1.4806 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))