Australia's Sims tops benchmark gains on positive FY25 start

Sims

19/09/2024 02:04

** Shares of Sims Ltd  SGM.AX  soar as much as 9.6% to
A$12.090, hitting their highest since late April 
    ** Stock currently up 9.1% as of 0055 GMT; tops benchmark
gains 
    ** The metals recycler says it expects all its metals
businesses to deliver operating earnings of A$55 million in Q1
FY25; on track to contribute to a good start to present fiscal
year, especially its North America Metal unit 
    ** "SGM's trading update reflects an improvement in U.S. 
domestic scrap markets after a period of difficulty sourcing
scrap in North America," analysts from Jefferies say 
    ** Shares set to see best day since mid August - if current
trend holds 
    ** Including session's moves, stock has fallen ~22.9% YTD

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com))