STOCKS NEWS EUROPE-African Barrick Gold rises on BofA upgrade

Shares in African Barrick Gold (LSE: ABG.L - news) rise 1.7 percent, outpacing a 0.5 percent-stronger UK FTSE 250 Midcap Index, as BofA Merrill Lynch upgrades the miner to "neutral" from "underperform", citing a recent pull-back in the stock and the company's cost-cutting measures.

"The management team at ABG has been delivering a clear message to the market on cost cuts and operational improvements," the bank's analysts write in a note. "For us, delivery on this turnaround agenda combined with translation into improved profitability are key elements to becoming more positive on the ABG equity story in the medium term,"

Shares in the company, whose primary producing mines are located in Tanzania, have shed about 12.5 percent of their value in the past month, significantly underperforming the FTSE 250, which has been knocked down 4.5 percent during the period.

Reuters messaging rm://karen.rebelo.thomsonreuters.com@reuters.net

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