The Big Australian surges
by, 26th-November-2007 at 01:16 PM (3325 Views)
woohoo! A 4.5% surge in BHP as far as I can see on my screens. Of course Rio (my earlier call) is doing fabulously, up almost $10.
I think today's big moves bring a lot of confidence in the market, hopefully enough to close this correction but can never be too sure.
Anyway BHP is still trading very cheaply, 14-15 multiple compared to Rio's 22, I'm strongly biased towards accumulating BHP and getting ready for a big run.
As the newspapers have reported, Rio's prospects are amazing, its African iron ore mine and Noyju (forgot the spelling, the one in Nepal) and Alcan etc etc - if Rio's prospects are THAT good, what do you think BHP's prospects are like?
Considering BHP stole the Olympic Dam, and has nickel and petrol divisions, and a whole pipeline that it hasn't even told investors about yet.
At prices this low I don't know what to say if you're not buying BHP.
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