The sell side’s misplaced excitement over FMG volume growth and cost reductions I canvassed this morning appears to have lit up the big miners today despite the iron ore price falling. Credit Suisse was joined by Charlie Aitken reiterating his buy call and FMG is up 3%, as well as the big boys nearly 2% (they were up 1% overnight on the LSE). Here’s the relative performance chart:
The idiocy spreads are stalled:
The juniors can’t catch the updraft as their cadavers sink ever deeper into a bottomless ocean of cheap dirt:
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