RIO traded ex-dividend yesterday leading to an $8.88 drop before we consider the $7.60 fully franked payout, not a huge fall by any means but it caught the attention of the press as they like a headline and its easy to forget the dividend in search of a story! Considering our current bias away from iron ore within the commodities space and general look & feel of RIO, it feels like another prime candidate of “fade the pop” after last months spike above $137, a pullback back towards $110 wouldn’t surprise short-term.
MM is neutral RIO short-term
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