Coles myer shares surge after record profit
A record profit for Australian drugmaker Myer has pushed shares of Coles Myer to the highest level since 2011.
The company reported its third straight profit and third-straight quarterly profit in March, as its business was a main driver of the Australian dollar’s rise.
The Australian dollar was up 0.3% against a basket of major currencies, as the stock market continued its upwardly-flowing rally.
Despite a disappointing earnings report, shares of Myer jumped 7.3 per cent to $8.76 a share, beating analysts’ expectations by an average of 7 per cent.
The stock increased by 4.5 per cent as investors took advantage of the company’s strong revenue growth and stronger-than-expected growth of sales.
In a note to clients, Coles Myer shares rose 5.8 per cent to $4.99 a share.
The share price had been climbing since it reached its all-time high of $3.60 a share on October 31st.
A spokesman for Coles Myer did not respond to questions from the ABC.
The stock also increased 4.4 per cent to $4.74 a share, compared with a 9.8 per cent advance for Myer shares at the end of March, the highest since June.
Greens finance spokesperson Rob Oakeshott said the rise in the stock price was a good sign for Coles.
“The biggest thing that investors should have 카니발 카지노expected to see since Myer and other multinationals took over as a major player was higher profit margins, greater profit and better results,” he said.
However, he said the strong profits for Myer were “a sign of things to come”.
Treasury’s financial support for Myer would likely be lifted soon as the company makes a major cash injection, Oakeshott said.
“The biggest news for me would be that the Government’s financial support will probably begin to increase, but we need to know what the implications are and when that will happen,” he said.
In its quarterly results, Coles Myer showed some growth in international business, with its gross merchandise volume up 15 per cent to $1.7 billion in the D화천출장마사지ecember quarter and up 15.7 per cent to $2.9 billion in the January quarter.
That was partly driven by th블랙 잭e sale of its US headquarters to an investment group and a sale of it