Shares in Kerry Stokes’ media and diversified investment company Seven Group jumped after a broker upgraded the company to a buy.
A short time ago, the shares were up 12.9% to $8.81.
Goldman Sachs moved its rating to buy from neutral for the major Seven West Media shareholder and WesTrac Caterpillar dealership owner.
Seven also owns AllightSykes, a supplier of lighting towers, generators and pumps, has a 47% shareholding in Coates Hire, Australia’s largest equipment hire business, and 23% of Beach
In 2016, Seven Group reported a statutory net profit after tax of $197.8 million, a $556.9 million improvement on the prior year.
Revenue was up 2% to $2.837 billion.