Copper miner is EMEA top stock
19 February 2014 Kazakhstan
Image: Shutterstock
The London-listed copper miner Kazakhmys is SunGard Astec Analytics’ top choice as an EMEA hot stock.
The mining company recently said it has dramatically reduced its cost base thanks to a currency devaluation, causing the shares to jump 20 percent higher immediately following the news.
In response to the recent 20 percent devaluation of the tenge (the Kazakhstani currency) and discussions with the Government of Kazakhstan, it was agreed that salaries for the major exporting companies will have a managed increase in order to protect workers from some of the impact of the devaluation.
Kazakhmys will also increase salaries for operational staff in Kazakhstan by up to 10 percent with effect from 1 April 2014.
SunGard said that the increase in staff salaries caused “a little pause for thought in its share price, but for the most part doing little to hurt positive sentiment”.
Data from SunGard's Astec Analytics suggests the share price climb brought about a wave of short covering in Friday's session, as traders seemingly had to cut their losses on the jump, with the number of closed loans more than double those freshly opened.
The mining company recently said it has dramatically reduced its cost base thanks to a currency devaluation, causing the shares to jump 20 percent higher immediately following the news.
In response to the recent 20 percent devaluation of the tenge (the Kazakhstani currency) and discussions with the Government of Kazakhstan, it was agreed that salaries for the major exporting companies will have a managed increase in order to protect workers from some of the impact of the devaluation.
Kazakhmys will also increase salaries for operational staff in Kazakhstan by up to 10 percent with effect from 1 April 2014.
SunGard said that the increase in staff salaries caused “a little pause for thought in its share price, but for the most part doing little to hurt positive sentiment”.
Data from SunGard's Astec Analytics suggests the share price climb brought about a wave of short covering in Friday's session, as traders seemingly had to cut their losses on the jump, with the number of closed loans more than double those freshly opened.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
