The combination of solid fuel demand, the successful acquisition of Z Energy and higher refining margins in 1H22 helped lift ALD to fresh post-COVID highs in recent weeks, a rally that was particularly noticeable in a falling market. MM likes the refining sector with ALD our preference over Viva Energy (VEA) although they both look destined for fresh 2022 highs in the not too distant future.
MM is bullish ALD targeting the $39 area
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