The AFR says that all magnetite companies (GRR, Gindalbie, MMX) have been hammered by the markets recently. The market, as people on HC have been saying, and the AFR mentions, seem to be waiting for the index-based pricing to occur. GRR's share price is lower than the lowest broker price target I've seen. Royal Bank of Scotland has a price target of 78c, but that was when GRR had a higher SP (recommended on 19th January), so they felt it represented fair value.
Here's the link to the article on AFR is anyone's a member:
Grange acts like a pure mining stock play- it gets whacked on a down Ords day but can do marvellously on a green day. I agree though, that the SP is lookinfg a bit distressed right now. It must be close to a buy, imo (unless red days persist).
Former holder here.
GRR Price at posting:
69.0¢ Sentiment: None Disclosure: Not Held
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