Given that the news of Vale’s Minas Gerais was being treated seriously at the time, BHP did very well today in the early morning/ overnight trade, even though it undershot FMG by 2.5* and RIO by 1.75x but it is more exposed to POO than the other IOP.
So samarco appears not to be the concern but Vale’s Minas Gerais Felajo mine but the news of death and a mine collapse may have been overstated. Might be even fake news as the reports of 65 dead may be unfounded.
interesting to see Vale SP moves later today, it might have a bounce which may have a corresponding response in BHP/BLT/BBL and RIO.
the IOP has bounced then flattened which may suggest an overreaction to the Vale “news” by the market.
you cannot trust the news about mines these days. It is not just uranium but iron ore, conventional gas, oil, copper, lithium, renewables, anything at all?
News: BHP UPDATE 1-FTSE 100 falls on fresh global growth worries; lift-off for easyJet, page-38
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$43.40 |
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Mkt cap ! $220.1B | |||
| Open | High | Low | Value | Volume |
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| 3 | 5716 | $43.37 |
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