analyst upgrade spurs Kumba record
March 7, 2005
Shares in South Africa`s biggest iron ore producer, Kumba Resources, jumped 5 percent to an all-time high on Friday following an analyst upgrade based on sharply higher global iron ore price deals.
JP Morgan analyst Ross Gardiner set Kumba`s price target at R72, from R68, as he was upbeat on recent iron ore price settlements in Europe and Asia.
Kumba`s share price, which has gained nearly 60 percent this year, rose 5.26 percent to R70, adding R1 billion to Kumba`s market value.
It `will go on rising ... it`s being driven by fundamentals and sentiment`, said a fund manager at Gryphon Asset Management.
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