Shares of AusGroup, which provides services to the oil and gas and mining industries, rose as much as 9.2% on Wednesday on expectations of higher valuations following listing plans by peer Civmec, analysts said.
AusGroup has operations in Australia and parts of Southeast Asia. Australian firm Civmec provides construction and heavy engineering services to the oil and gas, mining and other sectors.
Civmec filed a preliminary prospectus with the Monetary Authority of Singapore last month.
“If Civmec lists at a higher valuation, there is expectation that AusGroup shares could also trade higher,” said Jason Saw, an analyst at DMG & Partners Securities.
AusGroup shares were up 5.3% at $0.40 on volume of 58 million shares, 15 times the average full-day volume traded over the past 30 days.
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