All data is delayed
See More

Aquarius, Lonmin maintain platinum rally

Nov 20 2012 15:50
Johannesburg - Shares of Aquarius Platinum [JSE:AQP] soared over 10% to a two-week high, extending a rally sparked by a Nomura upgrade. Rival Lonmin [JSE:LON] also extended gains following shareholder approval on Monday of a $817m rights issue to repair a battered balance sheet.

At 12:05, Aquarius shares traded over 10% higher at R6.24, its highest level since 6 November, according to Thomson Reuters data. Lonmin shares were 6% higher at R39.88.

In a research note to clients on Monday, Nomura raised its rating for Aquarius to "buy" from "neutral" and for Lonmin to "buy" from "reduce."

Nomura said the wave of violent strikes that have swept South Africa's platinum mines this year have reduced supply to such an extent that the price of the white metal and shares of companies that mine and produce it should rally.
lonmin  |  aquarius platinum


Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote