HK's instant noodle maker Nissin Foods rises most in 3-1/2 months on share buyback plan

Nissin Foods

30/08/2021 08:43

** Shares of instant noodles maker Nissin Foods Co Ltd
 1475.HK  rise 4.7% to HK$5.39, the biggest daily percentage
gain since May 17 
    ** Stock hit the highest since Aug. 13 
    ** Nissin says it plans to buy back up to HK$120 mln ($15.4
mln) worth of shares in the open market, which is to be funded
by internal resources, to demonstrate management's confidence in
the long-term business prospect of the firm  urn:newsml:reuters.com:*:nFWN2PZ099
    ** Says its H1 revenue rose 6.3% year on year while net
profit fell 4.2%, and it sees hiccup arising from raw material
price fluctuation to impact manufacturing businesses and it
remains cautiously optimistic on the future growth  urn:newsml:reuters.com:*:nFWN2PZ06G
    ** The Hong Kong composite Industry Index tracking consumer
staples  .HSCICS  slips 0.1%, and the Hong Kong Hang Seng
Composite Index tracking industrials  .HSCIIG  rises 2.7%
    ** The Hang Seng China Enterprises Index  .HSCE  climbs 0.2%
and the benchmark index  .HSI  gains 0.3%
    ** As of last close, the stock had fallen 19.3% this year 
    ($1 = 7.7875 Hong Kong dollars)

 (Reporting by Donny Kwok; Editing by Edmund Blair)
 ((donny.kwok@thomsonreuters.com))