STOCKS NEWS EUROPE-Asian Citrus gain on update

Shares in Asian Citrus ACHLA.L climb more than 5 percent to 83 pence after the China-based orange-plantation owner says it has achieved an average selling price increase of approximately 9 percent year-on-year on the pricing of its forthcoming winter crop.

“The group offers an intriguing play on the health of the China economy and improving health standards among this almost unthinkably huge population,” Galvan Research says in a note.

“Group fortunes have improved massively in 2010, and the sharp improvement in the share price now sees the market valuation start to reflect the business potential.”

Galvan, which are buyers of Asian Citrus shares, says 100 pence could be on the horizon by Christmas, yet the producer still trades on a modest valuation.

“When this is set in context against the potential of its marketplace, there is still much more to come,” it says.

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