Syngenta Shares Advance as Company Increases Target |
| Bloomberg - Apr 3, 2008 |
Syngenta AG, the world's biggest maker of agricultural chemicals, rose as much as 7.4 percent in Zurich trading after saying first-quarter sales gained 20 percent and increasing its full-year profit forecast on rising demand for rice, corn and other food crops.
Syngenta gained as much as 21 Swiss francs, today's biggest increase on the Dow Jones Stoxx 600 index. Full-year earnings per share will probably grow more than 20 percent, the Basel, Switzerland-based company said today in a statement. That compares with an earlier ``double-digit'' growth estimate.
Rice climbed to a record in Chicago trading and corn came close to its highest price on speculation that a 3 percent annual increase in global demand for cereals will outstrip supply as governments curb exports to prevent protests. Crop- protection accounts for about 80 percent of Syngenta's sales through brands such as Karate and Callisto, and the Swiss company is the world's third biggest seed producer.
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- Posted: 2008-04-03 08:47:29
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