Seven Group shares are soaring

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Shares in the Seven Group took off in early trade today.

A short time ago, they were up 7.2% to $14.19.

The company, with investments in media and industrial services, has made no significant announcements.

However, Seven West Media launched My7Christmas, an e-commerce platform with 3,000 Christmas gifts.

Seven West Media shares were down 0.5% to $0.602.

Seven holds 41% of Seven West Media shares but has been steadily reducing its exposure to media.

The company, chaired by billionaire Kerry Stokes, in August announced that WesTrac China, its Caterpillar franchise, was sold for $540 million to Lei Shing Hong Machinery Limited.

The Seven Group then bought the rest of equipment hire group Coates Hire, about 53%, for $517 million.

This means Seven’s industrial services division will contribute about 73% of group EBIT (earnings before interest and taxes).

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