Anglo American and Antofagasta Upgrade at UBS Boosts European Miners

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Anglo American and Antofagasta saw significant gains in the European stock market on Friday, following upgrades to their ratings by UBS.

Anglo American

Anglo American shares (AAL, +7.05%) surged by 7% after UBS raised its rating from neutral to buy while maintaining its price target. Analysts, led by Myles Allsop, commented on the positive outlook, stating, “We believe the risk/reward is now attractive with Anglo. The company is expected to benefit from improving copper prices in 2024/25, resilient iron ore and met-coal prices, as well as recovering PGM and rough diamond prices.”


Antofagasta shares (ANTO, +4.37%) rose by 5% after UBS also upgraded the miner to buy from neutral. According to analysts led by Daniel Major, Antofagasta is set for superior earnings growth compared to its peers, thanks to a combination of organic volume growth and unit cost improvement. The price target for Antofagasta was increased to £17 per share from £16.

European Stock Indexes

The major European stock indexes experienced gains following the significant surge in the Dow Jones Industrial Average (DJIA) by 520 points. The German DAX (DX:DAX), French CAC 40 (FR:PX1), and U.K. FTSE 100 (UK:UKX) all registered gains ranging between 0.6% and 0.9%.


As investors await remarks from Fed Chair Jerome Powell and key manufacturing data, U.S. stock futures remain steady. The market anticipates further developments that could impact the stock market’s performance.

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