Coal miner Geo Energy gains 4% in a huge block deal

Integrated coal mining specialist Geo Energy Resources gained as much as 3.8 percent to S$0.27 in the afternoon trades on Tuesday.

sgx
Reuters

Integrated coal mining specialist Geo Energy Resources gained as much as 3.8 percent to S$0.27 in the afternoon trades on Tuesday.

A block trade of 44.65 million shares occured in Geo Energy at S$0.25, as per Bloomberg data.

In a report, Phillip Securities Research maintained its positive stance on Geo Energy on the back of improving war chest amid robust production.

The brokerage kept its 'buy' rating on the stock with a target preice of 44 cents.

Geo Energy reported a 16 percent rise in its September-quarter earnings to US$8.6 million, while revenue jumped 32 percent to US$74.9 million.

At 0855 GMT, Geo Energy shares were up 2 percent at S$0.26 on the Singapore Exchange. About 50 million shares changed hands compared to a 30-average of 5.7 million.

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