Caltex jumps on earnings outlook

Group says lower dollar, oil prices hit earnings, flags marketing business growth.

Caltex Australia (CTX) has forecast an up to 30% fall in annual profit after its refining business continued to suffer from weak regional margins. 

Shares in the company, however, jumped more than 8% after an increase in earnings at its stronger fuel marketing business indicated fuel demand in Australia remained robust, despite a cooling mining sector.

At 1043 AEDT, Caltex shares rose 8.4% to $18.32 against a benchmark S&P/ASX 200 index rise of 0.85%.

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