Big week for Wagners
SHARES in Wagners Holding Co hit record highs in the Toowoomba company’s best week on the Australian Stock Exchange in three months.
The construction materials company, which floated on the ASX in December, reached a high of $4.45 on Wednesday, before closing at $4.39.
This marked a 56 per cent increase on the offer price of $2.71 in the Wagners’ prospectus, and beat the previous record of $4.35 in February.
The shares eased slightly to $4.24 on Thursday, but the week’s result is still a sign of investor confidence in the business.
Based on that $4.24 price, Wagners’ estimated market capitalisation was $684 million, according to the ASX.
Overall share volumes have remained steady since the company’s previous low point in April, when the shares dropped to $3.69.
The week is one of WHC’s strongest since the company reported a pro-forma net profit of $14.3 million in its half-yearly results on February 21.
The result triggered a flurry of share trading and the price jumped 9.2 per cent.
Wagners CEO Cameron Coleman said the results were a welcome sign.
“The pipeline of future opportunities across all aspects of our business is very encouraging and the future in south-east Queensland continues to look very positive,” he said in a media release at the time.
The company also announced in March that Joe Wagner had been appointed as an alternate director on the board for his brother John.
John, Joe, Denis and Neill Wagner are currently locked in a defamation suit with radio broadcaster Alan Jones, Harbour Radio, 4BC and journalist Nick Cater over allegations made by Jones regarding the 2011 floods.