March 2, 2011 / 12:40 PM / 9 years ago

STOCKS NEWS EUROPE-Fresnillo shines; Galvan bullish

Shares in precious metals miner Fresnillo (FRES.L) add 2.4 percent, bucking a weaker blue chip and sector trend, following strong fourth-quarter results from the Mexican-focused firm on Tuesday, with CFD specialist Galvan Research saying the stock remains a firm buy.

“On a fundamental and technical level, currently Fresnillo is absolutely in the right place at the right time, and this view is once again borne out by the latest trading update where silver and gold record highs resulted in the best year in (the company’s) history,” says Andrew Gibson, head of research at Galvan.

“The Fresnillo chart shows an early February gap higher from a sharp January retracement. While the shares hold the green 10 day moving average at 1,655 pence, the implication is that we can expect to see a retest of the January intraday peak of 1,694 pence,” Gibson adds.

For more on Fresnillo’s results, double click on [ID:nWLB5479]

Reuters Messaging rm:/jon.hopkins.reuters.com@reuters.net

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