Metcash shares surge 10% as sales pickup at IGA

Photo: Ben Pruchnie/Getty Images

Shares in Metcash jumped after the IGA supermarket operator said that sales had improved.

At the close, the shares were up 10.4% to $2.96.

At the company’s AGM today, shareholders were told the improvement in 2019 sales highlighted in the full year results has continued.

“The improved sales momentum seen in the first seven weeks of 2019 had continued in recent months,” the company said.

The company had posted a statutory loss after tax of $149.5 million, including goodwill and net asset impairment of $345.5 million, for the year to the end of April.

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