MER­AFE RE­SOURCES

Finweek English Edition - - INVESTMENT -

HOLD Fol­low­ing the re­lease of a fourthquar­ter trad­ing up­date from this group, stock­bro­ker­age Imara SP Reid has up­dated its view on the stock. An­a­lyst Steve Mein­t­jes says he re­mains un­con­vinced, telling clients: “De­spite power costs and Chi­nese fer­rochrome pro­duc­tion hav­ing changed the ball­game, Mer­afe re­mains a geared play on re­cov­ery in global re­source de­mand. One of the in­di­ca­tors will be the Euro­pean bench­mark fer­rochrome price which, apart from an up­ward blip to 127 US¢/lb in 2Q 13, will have been 112.5 US¢/ lb for the other three quar­ters of 2013. Hold rec­om­men­da­tion main­tained.”

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