Tuesday March 24, 2015: Is global fund BlackRock calling the bottom for the iron ore price?
The highly-regarded investment giant has today emerged as a substantial shareholder in BHP, Rio Tinto and Mineral Resources with stakes of 5 per cent, 5.1 per cent and 7 per cent respectively.
Diary may well be accused of jumping to the obvious - and therefore the wrong - conclusion, but the common theme here appears to be iron ore.
Of course, we don't know how long BlackRock has been sitting quietly just under the 5 per cent substantial shareholder threshold in each case and therefore only relatively limited buying has been required to force its hand publicly.
Perhaps Evy Hambros, BlackRock's closely-watched manager of natural resources, will share his thoughts on these holdings, and therefore iron ore, in coming days.
Watch this space.
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GBG Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
