Australia's Matrix Composites & Engineering rises on energy contract win

Matrix Composites & Engineering

29/07/2025 05:22

** Shares of Matrix Composites & Engineering ltd MCE.AX rise as much as 18% to A$0.295, their highest level since July 7

** Stock set for best day since early July, if trend holds

** The polymer products supplier wins A$35 million ($22.81 million) contract from unnamed multinational energy services contractor

** Contract to manufacture and supply subsea components for an international energy project

** Around 2.7 million shares change hands, over 4x the 30-day avg trading volume of about 627,804 shares

** Session brings YTD gains to 14.6%

($1 = 1.5342 Australian dollars)

 (Reporting by Shruti Agarwal in Bengaluru)

 ((Shruti.Agarwal@thomsonreuters.com))