Australia's Perenti hits near 7-month high on positive outlook, development contract

Perenti

22/07/2024 02:09

** Shares of Australia's Perenti  PRN.AX  rise as much as
9.8% to A$1.06, their highest level since late Dec 2023
    ** Stock posts its biggest intraday pct gain since Feb 20
    ** The miner sees record a strong free cash flow for FY24 of
around A$180 mln ($120.37 mln) in preliminary unaudited results 
    ** Adds Barminco, a part of Perenti, awarded a new
development contract with Australian gold miner Spartan
Resources  SPR.AX  and extensions to four projects
    ** Says projects expected to contribute A$160 mln of revenue
to FY25
    ** About 24.3 mln shares change hands, as of 0057 GMT, vs
30-day average volume of 2.8 mln shares
    ** Stock down 7.2% YTD, as of last close

    ($1 = 1.4954 Australian dollars)

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