ArcelorMittal South Africa Ltd. Rallies After Hitting 9-year Low

Bloomberg reported that ArcelorMittal South Africa Ltd. launched upwards in Friday trading to the highest levels seen in two days, while also registering almost the highest increase in four years, after the stock dropped with news of a change in CFO.

As quoted in the market report:

The shares in Africa’s biggest steelmaker climbed 8.5 percent to 30.48 by 1:57 p.m. in the city, taking its increase over two days to 20 percent, the most for the same period since Nov. 28, 2008. The stock had fallen for 12 consecutive days through Nov. 20, when the company announced Matthias Wellhausen would replace Rudolph Torlage as chief financial officer. The 14-day relative strength index on the stock was below 30 from Nov. 7 to Nov. 20. A reading below that level is a signal to technical analysts that the price is poised to appreciate.

To view the whole Bloomberg report, click here.