Australia's South32 rises; co likely to capitalise on higher prices, Jefferies says

South32

22/04/2026 05:15

** Shares of diversified miner South32 S32.AX rise as much as 1.6% to A$4.5

** Deferral of working capital unwind initially flagged for the third quarter is a positive, and S32 should be able to capitalise on higher prices in the quarter, says Jefferies

** Brokerage says Groote Eylandt Mining's FY26 production downgrade not impacting sales due to unwinding inventories

** Co trimmed full‑year forecast for its Australia Manganese unit on disrupted operations due to adverse weather and rising costs from the Middle East war

** Brokerage reiterates "buy" with a target price of A$2.50

** Stock up 25.8% YTD, including the session's moves

 (Reporting by Anjali Singh in Bengaluru)

 ((anjali.singh2@thomsonreuters.com;))