Australia's McGrath hits over 3-year high as co swings to HY profit

Mcgrath

22/02/2021 24:34

** Shares of real estate firm McGrath Ltd  MEA.AX  surge as
much as 28.7% to A$0.740, their highest since Sept. 11, 2017
    ** Co reports HY NPAT of A$8.1 mln ($6.39 mln), compared
with a loss of A$1 mln a year earlier  urn:newsml:reuters.com:*:nASX9JBCDP
    ** Co says price stability in its key markets, strong
clearance rates and positive market sentiment contributed to its
sales businesses performing significantly better during the
period 
    ** The first seven weeks of the new year have started
positively and co is optimistic for the second half - CEO Eddie
Law
    ** Stock posts its biggest intraday pct gain since Aug. 24,
2020 and is set for a second straight session of gain
    ** About 387,000 shares change hands, compared with the
30-day average vol of nearly 159,200 shares 
    ** As of last close, stock up 21.1% this year 

($1 = 1.2682 Australian dollars)

 (Reporting by Shriya Ramakrishnan in Bengaluru)
 ((Shriya.Ramakrishnan@thomsonreuters.com;))