Advertisement
UK markets closed
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • FTSE 250

    19,884.73
    +74.07 (+0.37%)
     
  • AIM

    743.26
    +1.15 (+0.15%)
     
  • GBP/EUR

    1.1702
    +0.0008 (+0.07%)
     
  • GBP/USD

    1.2624
    +0.0002 (+0.01%)
     
  • Bitcoin GBP

    56,027.67
    +664.75 (+1.20%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • DOW

    39,807.37
    +47.29 (+0.12%)
     
  • CRUDE OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD FUTURES

    2,254.80
    +16.40 (+0.73%)
     
  • NIKKEI 225

    40,309.87
    +141.80 (+0.35%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • CAC 40

    8,205.81
    +1.00 (+0.01%)
     

BUZZ-Anglo American: Top of the FTSE after BAML double upgrade

** Global miner Anglo American (LSE: AAL.L - news) 's shares up 5.9 pct, top of the FTSE 100 and the Stoxx 600, after BAML ups rating on co to "buy" from "underperform", PT to 800p from 415p

** Analysts cite greater confidence in co's restructuring plan, saying $1.5 bln sale of niobium asset last month was higher than their expectations of $800 mln - $1.1 bln

** Analysts expect asset sales from co to be worth $6.5-$9 bln, and say its diamonds, platinum group assets are major differentiators

** Anglo plans to shed majority of its assets and refocus around copper, platinum, and diamonds in order to cope with the slump in prices - it will exit iron ore, coal, nickel, manganese, niobium, and phosphates

ADVERTISEMENT

** Street largely bearish on Anglo - 17 of 27 analysts on stock rate "sell", according to Thomson Reuters (Dusseldorf: TOC.DU - news) data, 7 have "hold", 3 have "buy"; their median PT is 480p

** Shares (Berlin: DI6.BE - news) biggest lift and at the top of Stoxx 600 Basic Resources Index, which is up 1.1 pct and one of two sectors in the blue in Europe (Stoxx 600 Oil and Gas index up 0.4 pct) (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)