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Anglo American Platinum’s guidance that interim headline earnings are anticipated to increase four-fold when it releases results next week received a muted response from investors, with the share price rising just 3.5% on Monday. This failed to even fully reverse a share price loss of 4% on Friday. Izak van Niekerk, analyst at Mergence Investment Managers, said the jump in earnings was higher than consensus analyst expectations and accounted for up to 80% of the estimated full-year earnings expected by the market consensus. The consensus expectation for the full year would have to be adjusted upward. But he said the share price reaction was disproportionately muted, indicating the market either expects some one-off benefits in the numbers or consensus numbers may just have been stale. “Amplats had good production numbers in the first quarter and analysts may not have adjusted their numbers for this.” The much-improved earnings numbers from the world’s largest platinum producer are a...

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