Fair enough, there are heaps of shares on the ASX, who are currently oversold. But have a closer look on MGX. This is an iron producer who secured nearly 90% of price increase recently and have no problem with their production (or doesn't seem to be from my bare eye..). Current share price is $2.60, this is after an increase of 12% yesterday.
A quick peek from FN Arena Broker Call:
MOUNT GIBSON IRON LIMITED - 23 July,2008
Macquarie rates MGX as Outperform - The quarterly production result came in as expected. The broker notes Mt Gibson is "drilling madly" and organic growth is timed well for the peak of the iron ore price cycle.
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