Shares to Watch – AGL Energy (AGK) 3 June 2010

AGL Energy (AGK) was second company to list on the Australian stock exchange. It a renewable energy company and is Australia’s largest operator and developer of renewable generation assets.

AGK has upgraded to its FY10 underlying profit guidance to $420 – $430 million, from the previous $390 – $420 million.

AGK based its revised guidance on the improved strength of its underlying business.

Some brokers were largely expecting AGK to post a full year profit in the vicinity of $420 – $430, so today’s announcement didn’t come as a major positive surprise.

AGK shares closed 1.9% higher, to settle at an Australian share price of $14.33 a share.

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