Echo outperforms market after earnings beat

    Published in: Latest IntelligenceShares in Echo Entertainment Group (EGP.AU), the operator of Sydney’s The Star Casino, surged after positive first-quarter results boosted earnings expectations and the company named a new CEO. The firm, which is among the 12 companies that have lodged formal expressions of interest in building a new casino at the Queens Wharf Development in Brisbane, jumped 14.4 percent over the week, making it the biggest gainer on the Australian Stock Exchange.Before the official appointment of the new chief executive Matt Bekier, the Brisbane-based firm in February had said it would promote then chief financial officer Bekier to take over the helm from John Redmond, who announced his retirement after just a year on the job. The company is struggling amid competition from  James Packer’s Crown Resorts (CWN.AU), which gave up 1.9 percent last week.Investors turned more bullish on prospects for the firm after it delivered upbeat quarterly...

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