Astral jumps on upbeat profits forecast
02 February 2022 - 10:31
UPDATED 02 February 2022 - 17:41
Shares in Astral Foods jumped as much as 10% on Wednesday, the most in just more than three years, in reaction to an upbeat trading update, with the company expecting its first-half profits to double after managing to increase selling prices to obviate cost pressures that ate into its profit margins in the prior comparable period.
The share’s rally suggests that investors were overly bearish on one of SA’s biggest poultry producers after its market value nearly halved since peaking in November 2018...
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