Chemical / explosives business Orica (ORI) was the market worst performing stock yesterday falling -9.3% after emerging from a trading halt following its successful $650mn cap raise primarily for the acquisition of Axis Mine Technology for up to $350mn, the remaining funds are earmarked for working capital.
- We see value in ORI after the stock fell below the $16 paid by institutional investors for a whopping 40.6mn shares.
MM likes ORI around $15 after its large rise – arguably an “over raise”
Add To Hit List
