Stocks of the Hour: Oil Search, Reliance Worldwide & Crown Resorts

Company News

by Lauren Evans

Oil Search's (ASX:OSH) revenue increased 12 per cent in the September quarter, compared to the prior quarter. The energy giant said the increase in revenue was supported by strong growth in oil prices, while the company also tightened its full year production guidance. Shares in Oil Search (ASX:OSH) are trading 0.9 per cent lower at $4.44.

Reliance Worldwide (ASX:RWC) recorded total sales of US$246 million ($328 million) for the September quarter, up 8 per cent year-on-year. The plumbing specialist said that even though sales were steady, supply chain constraints are likely to remain for much of FY22. Reliance also entered an unconditional agreement to acquire manufacturer of plumbing supplies EZ-FLO International for US$325 million. Shares in Reliance Worldwide (ASX:RWC) are trading flat at $5.18.

Crown Resorts (ASX:CWN) has been given the option to operate its Melbourne casino under a two-year probation despite the Royal Commission finding Crown Melbourne unsuitable to hold a casino licence. Despite engaging in unethical behaviour, Crown gets to keep its Melbourne license in order to avoid harming the Victorian economy. Shares in Crown Resorts (ASX:CWN) are trading 7.7 per cent higher at $10.40.

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