Hochtief Hits 11-Month High on Leighton Profit: Frankfurt MoverAlex Webb
Hochtief AG, the German builder controlled by Spain’s Actividades de Construccion y Servicios SA, jumped to the highest level in 11 months after its Australian Leighton Holdings Ltd. unit returned to profit.
Hochtief shares climbed as much as 5.8 percent to 51.49 euros, the biggest increase in four weeks, and were trading 5.4 percent higher as of 9:38 a.m. in Frankfurt. That extends this year’s gain to 17 percent, valuing the company at 3.95 billion euros ($5.31 billion). Volume after less than an hour of trading almost matched the three-month daily average.
Leighton, Australia’s largest construction company, reported net income for 2012 of A$450 million as it completed major projects and reduced debt, propelling its shares to the highest gain in four years. The Sydney-based company completed a toll road in Brisbane and a desalination plant in Victoria, which along with Middle Eastern venture Habtoor Leighton Group had caused more than A$1.3 billion of losses and impairments.
Shares in the Australian company rose 11 percent to A$23.14 at the close of trade in Sydney. Hochtief holds 49 percent of the stock, according to data compiled by Bloomberg.