Kumba Iron Ore Stocks Fall As Predictions Turn False

Bloomberg reported Kumba Iron Ore (PINK:KIO) stocks fell on Friday as Anglo American plc (LSE:AAL) said it expects the producer to make less than analysts anticipated.

As quoted in the market news:

The stock declined 3.5 percent to 559.50 rand at the 5 p.m. close, the biggest drop since June 22.

Earnings excluding one-time items are likely to be 7.1 billion rand ($864 million), or 22.10 rand a share, to 7.5 billion rand, or 23.40 rand, Kumba said in a statement today. Earnings on that basis were 28.23 rand a share a year earlier. The median estimate of four analysts surveyed by Bloomberg is for 23.84 rand.

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