Australia's New Hope rises most in over 6 months after Malabar Resources purchase

New Hope

Mon 03:24

** Shares of coal miner New Hope NHC.AX rise 5.9% to A$6.185, on track to gain their most since March 30 if move holds
** Stock touches highest level since September 18
** Co to buy unlisted peer Malabar Resources for about A$2.4 billion ($1.67 billion), giving it full ownership of the Maxwell coal mine in New South Wales.
** Stock up 53.5% YTD, including moves in current session



($1 = 1.4353 Australian dollars)

 (Reporting by Jasmeen Ara Shaikh in Bengaluru)
 ((Jasmeenaraislam.Shaikh@thomsonreuters.com;))