Icarus Signal New Entries For Today

This story features RIO TINTO LIMITED. For more info SHARE ANALYSIS: RIO

Daily update on share prices and consensus price targets.

By Rudi Filapek-Vandyck

As one would have expected amidst relentless selling pressure for Australian equities: the number of stocks on Icarus radar is rapidly shrinking, day after day after day. At the current pace we might as well launch a reader's contest soon, as in when do you think the last stock will have disappeared from the table of stocks trading close to consensus target? Or try the alternative: how many stocks do you think will still be trading above target by week's end?

This doesn't mean there are no conclusions to be drawn. The most obvious right now is that gold stocks remain firmly on investors' radar. Yesterday, both Resolute Mining ((RSG)) and Perseus ((PRU)) joined the list of stocks trading above target, alongside micro-speccie Port Bouvard ((PBD)). That is an achievement on a day when heavy share market selling reduced the number of stocks trading close to target to 9 from 17 the day prior. Stocks that lost their membership because of share price weakness include ARB Corp ((ARP)), SP Ausnet ((SPN)) and Commonwealth Property Office ((CPA)). No newcomers joined the list.

The group of stocks trading above target now numbers 22 in total. Apart from the above mentioned Resolute and Perseus, the group already included gold miners St Barbara ((SBM)) and Alacer Gold ((AQG)).

The story for the day, however, is without the slightest doubt Rio Tinto ((RIO)) entering the Bottom 50, with the shares trading close to 60% below consensus target. Wanna bet the next thing that will happen is for these targets to come down?

Investors should consider the information and data are provided for research purposes only.

Stocks <3% Below Consensus

Order Symbol Current Price($) Consensus Price($) Difference(%)

Stocks Above Consensus

Order Symbol Current Price($) Consensus Price($) Difference(%) 1 RSG $ 1.59 $ 1.56 – 1.58% 2 PBD $ 0.05 $ 0.05 – 1.96% 3 PRU $ 3.74 $ 3.66 – 2.27%

Top 50 Stocks Furthest from Consensus

Order Symbol Current Price($) Consensus Price($) Difference(%) 1 COK $ 0.41 $ 0.66 60.98% 2 RIO $ 69.58 $ 110.17 58.33%

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