FTSE Miners: Don't look a gift horse....
(MENAFN- ProactiveInvestors - UK) Accendo Markets Fri
Resurgent FTSE Miners are waving the wooden spoon this morning giving up ground as traders who dared bottom-pick over the last 3 weeks sensibly book some handsome and very welcome 10-40% profits following a helpful combination of USD weakness short covering technical breakouts and brokers suggesting a bottom for some base metals. News of a $3bn rights issue by steel giant Arcelor Mittal following a hefty quarterly loss likely reminding traders that sector fundamentals have yet to improve markedly and that as commodities backtrack from short sharp gains any bear-market gift-horse gains must be capitalised upon while we wait for confirmation of a bottom for accelerated multi-year declines.
Accendo Markets does not have a rating or target price on the FTSE 100 Miners
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