Australia's Graincorp hits record high on strong profit outlook

Graincorp

08/04/2022 01:38

** Shares of Graincorp Ltd  GNC.AX  jump as much as 8.9% to
A$9.46, a record high
    ** GNC expects underlying profit for fiscal 2022 to be
around 2.5 times that of last year, as it benefits from global
supply constraints stemming from Ukraine conflict  urn:newsml:reuters.com:*:nL3N2W53G3
    ** "The conflict in Ukraine and resulting trade disruptions
in the Black Sea region have created uncertainty in global grain
markets, with buyers looking for alternate sources of supply," -
CEO Robert Spurway
    ** Buyers have turned to Australian grains to fill the gap
in supply, Spurway said
    ** AXEJ posts its biggest intraday pct gain since Feb. 7
    ** Stock up 5.2% this year, as of last close

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))