Mining group hits fresh peak

JOHANNESBURG – Shares in African Rainbow Minerals Ltd (ARM) hit a fresh record high yesterday after the mining group said its half-year headline earnings per share would jump by at least 25 per cent.

ARM shares stood 7,97 per cent higher at 199,20 rand by 1031 GMT, after touching an all-time high of 203 rand – the second time since Friday the stock has done so. “I think it’s the same story as the last couple of days.They came out with a trading update yesterday.”Initially the market didn’t react too favourably.After that, analysts crunched some numbers,” said Andrew Todd, a trader at BoE Stockbrokers.”Possibly there was also some short covering (after) we saw higher platinum, iron ore and nickel prices.”African Rainbow, which mines platinum group metals (PGMs), iron ore, manganese ore and chrome ore, said on Tuesday it expected first-half headline EPS to rise to between 330 and 370 cents from 264 cents in the previous comparable period.The mining group releases its results on February 20.Nampa-Reuters”I think it’s the same story as the last couple of days.They came out with a trading update yesterday.”Initially the market didn’t react too favourably.After that, analysts crunched some numbers,” said Andrew Todd, a trader at BoE Stockbrokers.”Possibly there was also some short covering (after) we saw higher platinum, iron ore and nickel prices.”African Rainbow, which mines platinum group metals (PGMs), iron ore, manganese ore and chrome ore, said on Tuesday it expected first-half headline EPS to rise to between 330 and 370 cents from 264 cents in the previous comparable period.The mining group releases its results on February 20.Nampa-Reuters