Steel and mining group, Evraz PLC (LON:EVR) is making substantial gains despite experiencing slumps this morning.
EVRAZ’s share price is up 0.0077 per cent to 518.40p as of 14.31 BST. In contrast, the UK benchmark index is currently standing at 7593.26p down 0.31 per cent.
As the markets opened to the news of the impending trade deal yesterday, EVRAZ PLC (LON:EVR) was one of the day’s biggest risers, closing the trading day at 518.00 (+2.26). This morning, the positivity inspired by the possibility of freer global trade seemed to have waned, with Evraz PLC dropping to 512.6p, down 1.04 per cent, as of 11.54 BST. However, the share price went on to make substantial gains.
Exceeding Target Price
Morgan Stanley recently set a target price of 510p, an upgrade from its previous target price of 100p. Following the first half reports issued earlier this month, the recommendation for Evraz was set at a consensus rating of 'hold'. This week has seen the company exceed the target price as it continues to outperform on the FTSE 100 Index, despite experiencing drops today.
Earlier on in the month, Proactive Investors reported a comment from CEO Alexander Frolov about the company’s financial performance. He said: “In the second half of the year, despite possible price correction, we expect market conditions to remain positive overall.”
Mining Sector boost to FTSE 100
The successful gains made by Evraz (LON:EVR), as well as the successes made by numerous other companies in the mining sector, Anglo American (LON:AAL) were up 4.115 closing on 1,639.80 and BHP Billiton (LON:BLT) closed on a gain of 2.95% with a final value were a huge boost to the overall performance of the FTSE 100.
On 16th August, Jefferies Financial Group raised its per share estimates of EVRAZ, according to Zach’s Investment Research, the analysts also issued earnings estimates for FY2019 at $0.87 EPS.
As of 14:33 BST, Wednesday, 29 August, EVRAZ plc share price is 127.60p.