Australia's Iluka Resources slumps on lower Q2 mineral sales

Iluka Resources

27/07/2023 07:05

** Shares of Iluka Resources Ltd  ILU.AX  slump as much as
7.6% to A$10.16 - set for their worst day since July 6, 2022, if
trend holds 
    ** Mineral sands miner posts 26.4% higher
zircon/rutile/synthetic rutile (Z/R/SR) production in H1 2023,
also beating estimates of Macquarie analysts 
    * Co, however, posts 20% lower HY sales of Z/R/SR 
    ** Co expects near-term zircon and TiO2 prices to be stable,
a key positive in our view - Macquarie 
    ** Brokerage maintains "outperform" rating and A$12.50 price
target 
    ** About 1.7 mln shares change hands, 14 times the 30-day
average volume 
    ** Two of nine analysts rate the stock "buy", 5 "hold" and 2
"sell"; their median PT is A$11.25 – Refinitiv data
    ** Stock down 32.2% this year, as of last close

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))