FGV ends 2.3pc higher on news of CEO's return

 Publish date: Tue, 10 Oct 2017, 10:01 PM

KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGV) shares ended 2.33 per cent or four sen higher at RM1.76 at Bursa Malaysia's closing today on news of its Chief Executive Officer (CEO), Datuk Zakaria Arshad will be resuming his duties on Oct 16.

The shares went as high as RM1.77 in its intraday trade, its highest since June 19.

Some 9.54 million shares were traded.

Meanwhile, Kenanga Investment Bank (IB) Bhd, in a note, said the news was perceived as positive in spite of minimal earnings impact, as the return of the CEO should alleviate uncertainty over the company's direction.

"No change to earnings. Reiterate market perform with a higher target price of RM1.85 as the lower uncertainty should improve investor confidence.

"Nevertheless, the outlook remains neutral," added Kenanga IB.

-- Bernama

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