Anglo stock jumps above £10 as rally brings it back from the brink
A RALLY in Anglo American pushed its stock above £10 for the first time in more than a year after a rebound in commodity prices and cuts in its debt brought the century-old mining company back from the brink.Anglo gained as much as 3.4% to 1,029p a share, the highest since June 2015. The stock has more than tripled in 2016, the best performer in the UK’s benchmark FTSE 100 Index.The stock hit a record-low 215.55p in January. Anglo has since unveiled a turnaround plan that would see it sell half its mines, and exit coal and iron ore to focus on more profitable diamond, platinum and copper operations. It has reduced its debt to $10.3bn, putting it within touching distance of its goal to cut borrowings below $10bn by the end of 2016."Further asset sales and meaningful consensus mark-to-market upgrades should support the share price in the near term," Barclays said in a note to investors on Tuesday.Last week, Anglo got $1.7bn from the completion of the sale of its niobium and phosphate ...
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