Aussie Miners Had a Tough 2024. But Don't Start Buying Broadly Yet, Says Citi -- Market Talk

Dow Jones01-09 08:44

0043 GMT - It's too early to start broadly buying Australian mining stocks again given persistent macro challenges, according to Citi analyst Paul McTaggart. "We continue to see the mining sector facing strong headwinds as global growth remains subdued and near-term commodity prices linger at lower levels," he says in a note. Key mining stocks like BHP and Rio Tinto look like better value after recent losses, "however improved valuation metrics are not yet a green light for investors to dive back in, in our view," he says. Australia's S&P/ASX 300 metals and mining index is down 0.6% at 5251.7. The index shed nearly 19% in 2024. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

January 08, 2025 19:44 ET (00:44 GMT)

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