Australia's Graincorp set for biggest 1-day drop in more than a decade on weak outlook

Graincorp

14/02/2024 24:23

** Shares of Graincorp  GNC.AX  slump as much as 16% to
A$6.90 and are set to see their sharpest one-day fall since late
Nov 2013.
    ** Co emerges as one of the top losers on the benchmark
 .AXJO  
    ** The diversified agribusiness co expects FY24 underlying
net profit after tax of between A$65 million ($41.94 million)
and A$95 million, sharply lower than A$250 million reported last
year 
    ** Co also sees FY underlying operating profit to be in the
range of A$270 million and A$310 million
    ** "We see GNC's guidance today as continuing their history
under current management of vastly under-promising and
eventually materially over-delivering," analysts from Jefferies
say  
    ** Shares hit lowest since Nov. 2 
    ** Stock has risen 12.6% this year, as of last close
($1 = 1.5497 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru; Editing by
Muralikumar Anantharaman)
 ((Archishma.Iyer@thomsonreuters.com;))