A big kick for Select Harvests (SHV) yesterday - and a punch in the nuts for shorters - as the company announced in its "Global Market & Local Crop Update" that world almond prices remain firm.
Integrated almond producer Select was one of many businesses which struggled as the Aussie dollar was so strong through the latter stages of the mining investment boom, but now in turn stands to benefit from the depreciation of the dollar.
It's been one heck of a rebound, with the SHV market cap now surging to ~$875 million.
The nuts and bolts...
Select had already reported a cracking 17 per cent increase in underlying profit for the first half, with food business sales for 1H15 strong at $71.4 million.
The share price soared to well over $12 yesterday, settling in at around $12.25 today.
Almond prices have increased as global demand rises, with supply simultaneously having been poleaxed by a protracted drought in California.