Australia's Metcash hits near 10-mth high on better trading update

Metcash

12/03/2024 02:44

(Updates)
    ** Shares of Metcash Ltd  MTS.AX  rise as much as 2.9% to
A$3.920, their highest level since May 15, 2023
    ** Shares post their biggest intraday pct gain since Jan 9
    ** The supermarket wholesaler says total food sales
excluding-tobacco increased 5% for the 10 months ended Feb 25
    ** Says total group sales increased 0.9% for the 10 months 
    ** Adds food and liquor segments continued to perform well,
supported by improved competitiveness and differentiated value
proposition
    ** Analysts at Citi say co's trading update imply little
change in trading conditions since the early Feb update
    ** Brokerage adds its continues to prefer Coles  COL.AX  and
Woolworths  WOW.AX  over Metcash and maintains its "neutral"
rating on the stock with A$4.00 PT 
    ** Stock up 9.2% YTD, as of last close 
 

 (Reporting by Ayushman Ojha and Echha Jain in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))