Sims' Australian shares plunge on bleak market update

Sims

11/09/2023 02:12

** Shares of Sims  SGM.AX  drop as much as 14.7% to A$13.16,
making the stock top loser on the benchmark ASX 200  .AXJO  
    ** Stock set for worst day since January 2019, if losses
hold; SGM hits lowest level since Jan. 4, 2023 
    ** Metals and electronics recycling firm expects EBIT to be
approximately breakeven in Q1FY24 
    ** Co says previously resilient US domestic market is
showing signs of weakening
    ** Jefferies says co will look to service centre restocking
to alleviate pressure in US domestic scrap markets
    ** Stock up 17.9% this year, as of last close

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))