National Tyre & Wheel Ltd (ASX: NTD) shares soared nearly 20% to $1.13 at today’s open after a strong trading update from the Aussie company. At the time of writing, the National Tyre share price has retreated slightly and is trading at $1.09, up 14.7%.
Why is the National Tyre share price surging?
The Aussie motor vehicle product distributor released a half-year trading update after the market close on Friday. Trading in the first half of 2021 (1H 2021) has “exceeded expectations” with all business units performing better than expected.
National Tyre said it had achieved record sales of agricultural tyres and 4-wheel drive wheels. That has contributed to a pick up in expected half-year earnings for the period ended 31…