'Surprise' outlook hike lifts Rockwool shares to top of STOXX

Rockwool A/S

31/08/2023 09:03

** Shares in Rockwool  ROCKb.CO  rise 6% to top of STOXX 600
 .STOXX  index after the Danish stone-wool manufacturer raised
its full-year guidance
    ** In its quarterly report posted on Wednesday after market
close the company said it sees full-year sales to decline up to
8% (earlier view: decline of 10%) and EBIT margin to reach about
13% compared to earlier guide of about 12% 
    ** "Rockwool surprises with another guidance hike," Jyske
Bank analyst Janne Vincent Kjaer says in a note
    ** He points out the upgrade happens only 1.5 month after
the company last raised its expectations for the full year
        ** "We are pleasantly surprised that Rockwool already
now feel comfortable enough to raise expectations despite
challenging markets and a significant drop in new construction
activity," Kjaer says
  
    ** The stock is on track for best day since November 2023

 (Reporting By Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))