Tiger Brokers

BUZZ-Australia's Lendlease jumps on $323 mln share buyback

Reuters
Nov 15, 2024
BUZZ-Australia's Lendlease jumps on $323 mln share buyback

Nov 14 (Reuters) - ** Shares of Australian developer Lendlease LLC.AX rise as much as 5.6% to A$7.01, set to gain most since Oct. 18 if gains hold

** Co will launch A$500 mln($323.00 mln) share buyback in the near-term provided it could sell certain assets

** Co announced plans in May to retreat from overseas construction businesses and free up to A$4.5 billion in capital

** Stock posts biggest intraday pct gain since late August

** 2 of 6 analysts rate the stock "buy" or higher, 2 "hold" and 2 "sell" or lower; their median PT is A$2.8 – LSEG data

** Stock has fallen 11.1% this year, as of last close

($1 = 1.5480 Australian dollars)

(Reporting by Nichiket Sunil)

((Nichiket.Sunil@thomsonreuters.com;))

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