SYDNEY — Shares of Monadelphous Group Ltd. soared nearly 14% on Tuesday, leading the Australian market, after the engineering and maintenance services company reaffirmed strong first-half guidance and reported hundreds of millions of dollars in new contracts.

Monadelphous shares rose A$3.89, or 13.75%, to A$32.19 in afternoon trading, after reaching as high as A$32.89. About 490,000 shares changed hands, and the gain lifted the company's market value to about A$3.2 billion. The stock is up about 29% over the past year.

Monadelphous was the biggest gainer on the ASX 200, on the back of first-half revenue of $1.7 billion and a strong expected result.

The company confirmed its outlook at a time of strong demand. Monadelphous reaffirmed half-year revenue guidance of approximately $1.7 billion........

© International Business Times