Magnesita Stocks Jump On New Graphite Plan

Bloomberg reported Magnesita Refratarios SA (PINK:MFRSY) jumped the most in four weeks after obtaining a license to build a new graphite plant.

As quoted in the market news:

Shares gained 3.1 percent to 7.76 reais at 12:53 p.m. in Sao Paulo after earlier advancing as much as 4.3 percent in the biggest intraday gain since Aug. 16. The benchmark Bovespa index advanced 0.8 percent.

The plant, which is located in the Brazilian state of Minas Gerais, will produce as much as 40,000 tons of graphite per year, Magnesita said in a regulatory filing yesterday after the market closed.

Click here to read the full Bloomberg report.