Heard The One About Zinifex and Oxiana?

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By Rudi Filapek-Vandyck

Another day, another rumour. Macquarie analysts report this morning they consider Oxiana Resources (OXR) an attractive takeover target to foreign resources majors because of its unhedged copper, zinc and gold production in combination with what the analysts describe as a “high quality, low cost and long life asset base”.

Unfortunately, that’s not what the grapevine buzz was all about yesterday. Market rumour has it that local zinc giant Zinifex (ZFX) is eyeing Oxiana and the Australian Financial Review is making multiple references to the rumour in today’s edition.

Just in case anyone is still interested in the stock’s fundamentals: Oxiana rates 0.2 on the FN Arena Sentiment Indicator, meaning the stock is currently rated Neutral more often than Buy.

The average target price stands at $3.36 and that’s still, in the absence of any bid materialising, double digits above Monday’s closing level.

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