Stockbroker tips from ShareCast
Broker snap: Ambrian unsurprised by Anglo Plats cash call
Ambrian Capital was unsurprised that Anglo American's subsidiary Anglo Platinum announced a rights issue today, so keeps its 'hold' rating on the miner.
Anglo American will subscribe in full to its entitlement to the cash call, costing it $1.3bn, a decision described by the broker as effectively a swap of debt for equity.
More broadly, Ambrian says it favours Anglo's fellow miners Rio Tinto and BHP Billiton due to their greater exposure to iron ore. It thinks Anglo American's exposure to platinum is overvalued.
Ambrian has a 2,900p target price on Anglo shares.
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Market latest
| FTSE 100 | 5,642.62 |  |
-0.04% |
| FTSE 250 | 10,004.18 | |
-0.04% |
| FTSE All Share | 2,888.06 | |
-0.04% |
| Dow Jones | 10,779.17 |  |
+0.42% |
| NASDAQ | 2,391.28 | |
+0.09% |
| Nikkei 225 | 10,807.64 | |
+0.59% |
| Hang Seng | 21,330.67 | |
-0.25% |
Prices delayed by at least 15 minutes.
Related quotes
| Anglo American | 2733.00p | +5.50p |
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