I think your comment is valid.
Iron ore prices have risen sharply over the last couple months. Far above my expectations for 2019 and 2020. However, personally I will be trimming my exposure to BHP and RIO over the coming days. These stocks have had a good run and it’s time to realise some profits before global growth slows - we are very late cycle after all.
MGX and it’s KI project is a different story and undervalued if the Seawall holds. The market cap is 660 million and cash at bank is 430 million. I would stay long MGX. The full year results in February is the next inflection point.
Push through 60c looks nigh, page-27
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Last
30.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $365.5M | |||
| Open | High | Low | Value | Volume |
| 30.0¢ | 30.5¢ | 29.5¢ | $237.0K | 789.0K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 195619 | 29.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 30.5¢ | 195225 | 4 |
View Market Depth
| Last trade - 16.10pm 25/11/2024 (20 minute delay) ? |
| MGX (ASX) Chart |
