Company Data
| Last traded |
R91.96 |
| Change |
R3.96 |
| % Change |
4.50% |
| Cumulative volume |
136,091 |
| Market cap |
R11.79bn |
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Johannesburg - JSE-listed chemicals firms AECI [JSE:AFE] and Afrox have been tipped to shine as the global economy rebounds.
Local brokerage Credit Suisse Standard Securities has raised its price targets on Aeci and Afrox to R91 and R23 respectively. The counters closed at 6 800c (AECI) and 2 200c (Afrox) on Thursday.
"We believe trading conditions for AECI and Afrox are improving and revenue and earnings growth will be experienced by both," the brokerage said, pointing to improved mining and manufacturing production data released recently.
The firm has also upgraded its recommendation on AECI from "underperform" to "outperform", and maintained its "underperform" rating on Afrox.
However, not everybody agrees with their bullish viewa. Imara SP Reid analyst Warwick Lucas recently updated his recommendation on AECI, saying the share was "fully valued".
"The stock has run hard in the last six months against the Industrial Index, and should take a breather," Lucas said.
AECI released a trading statement in the middle of May saying: "With current sales volumes and commodity prices and given that the cost bases of all group businesses are now in line with current levels of throughput, the company expects that its actual earnings per share and headline earnings per share for the six months to June 30 2010 will be at least 20% higher than those achieved for the first half of 2009."
Following this trading update, stockbrokerage Barnard Jacobs Mellet (BJM) said: "Using our current forecasts, this counter appears to be undemanding".
In the first quarter of 2010 unit trusts were net sellers of AECI shares, with highly-rated value investment firm Allan Gray being the largest buyer. The fund added 738 000 shares to its main equity portfolio.
Funds were net buyers of Afrox, adding over five million shares to their various portfolios. Allan Gray was once again one of the takers.
- Fin24.com