BUZZ-Australia-listed GQG Partners eyes best session to date on share buyback plan

Reuters
2024-11-22
BUZZ-Australia-listed GQG Partners eyes best session to date on share buyback plan

** Shares of Australia-listed GQG Partners GQG.AX rise as much as 16.4% to A$2.48

** Stock last up 10.8%, set for best session to date - if current gains hold

** U.S.-based investment manager says co will establish an on-market buyback

** Co will have flexibility to purchase up to A$100 mln ($65.11 mln) of CHESS Depositary Instruments on common stock

** Buyback plan comes a day after GQG's stock plunged 23% as Gautam Adani, head of Indian conglomerate Adani Group in which co holds nearly 20% stake, was indicted in the U.S. over bribery and fraud charges

** More than 11 mln shares change hands, 3.9 times the 30-day avg of about 2.9 mln shares

** GQG up 37.8% YTD, including current session's moves

($1 = 1.5359 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))

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