LONDON, Dec 9 (Reuters) - Shares in mining company Anglo American fell to another record low on Wednesday, with several brokers cutting their targets on the stock after the company’s decision to suspend dividends and restructure its business.
Anglo American shares were down 12.9 percent at 281.80 pence by 0931 GMT, close to a record low of 277.60 pence reached earlier in the session. The stock has fallen by around 75 percent since the start of 2015.
The stock had already hit a prior all-time low on Tuesday after Anglo American announced plans to sell more assets, suspend dividends until the end of 2016 and whittle its business down to three divisions to cope with severe falls in commodity prices.
Credit Suisse analysts wrote on Wednesday that there were still cash flow concerns regarding Anglo American, while Renaissance Capital cut its rating on the company to “hold” from “buy”.
Reporting by Sudip Kar-Gupta; Editing by Atul Prakash