7 de octubre de 2014 / 8:48 / en 3 años

BUZZ-Antofagasta gets a boost as brokers pare back pessimism

** Antofagasta shares attempt a recovery from 5-year lows as two brokers get a little less bearish.

** Stock up 1.4 pct, & is the fifth-top riser on Britain’s FTSE 100.

** Still underperforms broader mining sector which is up 2.1 pct spearheaded by a 5.7 pct rise in Rio Tinto after it rejected a merger approach from smaller rival Glencore.

** On Antofagasta, Nomura lifts rating on the Chilean-based copper miner to “neutral” from “reduce”, and Societe Generale hikes its recommendation to “hold” from “sell”.

** Nomura reckons depreciation of Chilean Peso should prove supportive to Antofagasta, given about 30 pct of its operating costs are denominated in the currency.

** Valuation grounds are driver for SocGen’s upgrade as bank sees no negative near-term catalyst for the stock.

** Lundin Mining’s acquisition of the Candelaria copper mine in Chile suggests Antofagasta, which has similar operational characteristics, is fairly valued, says SocGen. (RM://tricia.wright1.thomsonreuters.com@reuters.net)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below