Australia's Select Harvests rises on narrowing half-year loss

Select Harvests

31/05/2024 03:38

(Updates with latest share move, UBS comments)
    ** Shares of Select Harvests  SHV.AX  rise as much as 9.4%
to A$3.5, set for their best day since Jan. 31 - if gains hold 
    ** Stock hits highest level since May 8 
    ** SHV trading 0.3% higher at A$3.21 as at 0205 GMT
    ** Almond product maker posts HY loss attributable of A$2.1
mln ($1.39 mln), vs a loss of A$96.2 mln a year ago
    ** HY revenue down 1.6% to A$67.8 mln, below UBS estimate of
A$70.0 mln
        ** UBS retains "buy" rating and A$4.70 price target,
says costs increases are negative compared with UBS estimates
  
    ** Expects continued improvement in almond crop pricing in
the longer term 
    ** SHV is set to gain 3.2% for the week, logging its best
week since end of March
    ** Stock has risen 10.3% this year as of last close

($1 = 1.5076 Australian dollars)
    

 (Reporting by Sneha Kumar and Sameer Manekar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))