Australia's Reliance Worldwide rises, Morningstar says Melbourne brass ops exit to aid margins
Today 05:48
BUZZ-Australia's Reliance Worldwide rises, Morningstar says Melbourne brass ops exit to aid margins Updates
** Shares of Reliance Worldwide RWC.AX advance as much as 5.1% to A$3.91, their highest level in nearly four months
** On Tuesday, plumbing solutions provider disclosed plans to close its brass manufacturing ops in Melbourne
** Morningstar believes shuttering of the brass ops, which were expensive to run given higher copper and zinc prices, would help arrest the decline in gross margins
** Investment research firm believes shares are cheap, with the market more worried about near-term uncertainty, including tariff impact and construction cyclicality
** Fifteen analysts rate the stock "buy" on avg; median PT A$4.20 - LSEG-compiled data
** YTD, stock down 1.9%
(Reporting by Nichiket Sunil in Bengaluru)
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Brief: Reliance Worldwide Corp Says Near 85 Employees To Be Affected By Closure Of Brass Manufacturing Ops In Australia