Australia's Orica gains on HY positive trading results; RBC retains 'outperform'

ORICA

09/05/2024 01:37

** Shares of Australia's Orica  ORI.AX  rise as much as 2.5%
to A$18.75, their biggest intraday pct gain since Feb 15
     ** RBC Capital Markets retains "outperform" rating on
Orica's stock after co's positive HY results
    ** Stock at its highest level since April 24
    ** The mining solutions provider posts HY statutory NPAT of
A$337.5 mln ($221.94 mln) vs A$122.6 mln reported last year
    ** Co declares interim dividend of 19 Au cents per share vs
18 Au cents declared last year
    ** Posts EBIT of A$353.7 mln, up 10% on prior corresponding
period 
    ** Solid beat led by ongoing strong demand for blasting
products - RBC
    ** However, ORI sees capital expenditure for underlying
business to be slightly above range of A$410 mln to A$430 mln
    ** ORI stock up 14.8% YTD, as of last close

    ($1 = 1.5207 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))