ASIC is investigating trades in Leighton made by the construction company’s biggest shareholder Hochtief, according to The Australian.
Last week Leighton posted a $584 million net profit. That’s at the top of guidance that had predicted the results would come in somewhere between $520 million and $600 million.
Shares rose around 6% on the news.
Keep this in mind: The investigation, which ASIC has declined to comment on, is routine. There have been no accusations of wrongdoing.
According to The Australian, the regulator is assessing whether Hochtief’s directors had price-sensitive information before the trades were made.
There’s more here.