Australia's Graincorp hits record high after profit view hike
11/04/2022 03:19
** Shares of the agribusiness firm GNC.AX jump as much as
6.5% to a record high of A$9.79
** GNC on Friday raised its fiscal 2022 underlying profit
expectations as it benefits from supply constraints due to the
war in Ukraine urn:newsml:reuters.com:*:nL3N2W53G3
** Co pointed to strong performance of its processing
business, higher export supply-chain margins and a good crop
season for supporting its profit forecast
** "Back-to-back bumper crops in Australia allow Graincorp
to maximise capacity in its processing infrastructure, and
supply shortages in the Northern Hemisphere are leading to high
grain prices, allowing Graincorp to command historically high
supply chain margins," Morningstar analysts said in a note
** About 2.2 mln shares traded vs their 30-day moving avg of
about 1.8 mln shares
** Up to Friday's close, stock up 11.3% this year
(Reporting by Shashwat Awasthi)
((Shashwat.Awasthi@tr.com
mailto:Shashwat.Awasthi@thomsonreuters.com))