NZ's Synlait Milk jumps after hiking 2024-25 price forecast

Synlait Milk

05/09/2024 05:06

** Shares of Synlait Milk  SML.NZ  jump as much as 6.4% to
NZ$0.415, posting their biggest intraday pct gain since Aug 30 
    ** The dairy processing company raises its base milk price
forecast for the 2024-25 season 
    ** Expects base milk price for the season to be NZ$8.60 per
kilogram of milk solids (kgMS), up from its previous forecast of
NZ$8.00 per kgMS
    ** Adds, co's "conservative" forecast reflects the exposure
to volatile future global dairy commodity prices at the
beginning of the season
    ** Stock down ~59% YTD, as of last close 
    

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))