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1.Market Observations, 8.Was Sticky

27 Oct 2016 (AFR) – Fortescue’s rally isn’t over, UBS says

(27 October 2016, AFR, p31, by Vanessa Desloires)

‘The bottom of the mining sector has given way to green shoots in the downtrodden parts of the economy and there is plenty of race to run for resources stocks. Consensus is growing that the bottom of the mining downturn has passed – a view shared by Fortescue Metals Group chairman Andrew Forrest.’

‘The recovery of the mining sector over the past six months has led companies, which have cut costs to the bone to improve profits, to start spending again out of necessity. It’s these “green shoots” that has UBS Asset Management Small Companies portfolio manager Stephen Wood convinced the sector is re-emerging. ‘

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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