Shares of Ramsay Health Care have jumped over 3.5% to $67.25 in early trade after the release of its AGM statement.
According to the release, management reaffirmed that it expects its core earnings per share to grow between 8% and 10% for FY 2018.
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Based on the market reaction, investors may have been expecting the company to downgrade its guidance considering that private hospital cover has dropped to it lowest level in five years.
For a high capitalization stock, RHC trades on high volatility and wide trading ranges.
The “lower high” pattern is still in place with key resistance in the $68.30 area and support near the September lows of $61.20.
Concensus EPS for FY18 $2.84 v $2.35 for FY17
